Release date: 10 November 2016
Promoter – Financial Intermediary
MIROVA, UNITED NATIONS CONVENTION TO COMBAT DESERTIFICATIONLocation
Description
Cornerstone investment in a fund targeting sustainable land use projects, promoted by the Global Mechanism of the United Nations Convention to Combat Desertification (UNCCD)
Objectives
The fund aims to provide long-term financing in sustainable land use projects worldwide (especially ACP, Asia and Latin America) using mainly combinations of project finance and structured commodity finance techniques.
Sector(s)
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Proposed EIB finance (Approximate amount)
USD 45 million (EUR 38 million)
Total cost (Approximate amount)
USD 300 million (EUR 252 million)
Environmental aspects
The fund will invest in sustainable land use projects, focusing in particular on sustainable agriculture and forestry, land reclamation and sustainable energy. It is mission-driven to deliver a strong contribution to the achievement of land degradation neutrality within the terms of the UN Convention to Combat Desertification. The fund's environmental and social strategy will be evaluated during appraisal, and projects will be required to meet international best practice standards, including third-party verified certification as appropriate.
Procurement
The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.
Status
Signed - 14/12/2018
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).