Sierra Tropical Limited (MIGA-14164)

Countries
  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 26, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Dole Asia Holdings Pte. Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 37.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 12, 2021

Disclosed by Bank Aug 2, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the Project consists of the development of a greenfield agro-industrial operation that will cultivate, harvest and process pineapple for export to throughout the world. The Project has identified potential leasable land in Lugbu Chiefdom, Bo District, for development. Part of this area has already been leased and the remaining area will be leased before the Project moves into commercial planting. Once additional nurseries are launched and the required seeds are produced, commercial planting will begin. Thereafter, commercial harvesting, along with the establishment of a fruit processing facility will commence.

The Project is a Category A under MIGA's Policy on Environmental and Social Sustainability (2013) mainly due to the significant adverse E&S risks impacts that may be diverse and irreversible, which include the contextual risk of the project, the size of land-take and the sector (agri-business). Key environmental and social issues include land acquisition and economic displacement; use and management of pesticides and fertilizers; soil conservation and management; water management; impact on cultural heritage (sacred groves); waste management; occupational health and safety issues during crop production; and risks related to food and beverage processing.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Dole Asia has applied for MIGA guarantees covering up to US$37 million of equity and shareholder loans investments into the project. The guarantees will have a term of up to 15 years, providing coverage against the risk of expropriation.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CEMMATS Group Ltd. Contractor -
- - - - Dole Asia Holdings Pte. Ltd. Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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