This summary covers an investment by Dole Asia Holdings Pte. Ltd. (Dole Asia), a Singapore incorporated company, into the project enterprise incorporated in Sierra Leone, Sierra Tropical Limited.
The Project involves a vertically integrated greenfield agro-industrial facility that will cultivate, harvest, and process tropical fruit for exports throughout the world.
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.
Based on the initial environmental and social information received, the project is provisionally categorized as A under MIGA’s Policy on Environmental and Social Sustainability. The main E&S impacts of the project are expected to relate to land acquisition and economic displacement, use and management of pesticides and fertilizers, soil conservation and management, water management, impact on cultural heritage, impact on biodiversity and ecosystems, waste management, and occupational health and safety issues during crop production. The Environmental and Social Review Summary is available here.
The primary development impact of the project will be the creation of formal jobs for local workers. The project will support agricultural development by expanding land resource under cultivation, making use of modern agricultural technologies, including modern seeds, chemical fertilizers, and mechanized equipment, to develop products with value-added. Workers will benefit from skills development through training programs. The project is expected to have further positive impacts on the Sierra Leonean economy by generating export proceeds.