CDC Group response
CDC exists to make a difference to people’s lives in some of the world’s poorest places by building businesses and creating jobs. Without CDC’s investment Feronia would not have survived and 3500 people would have lost their jobs, as well as the access to the schools, hospitals and infrastructure that the company provides to workers and the community. In the first 18 months of our investment we’ve met our top priorities of helping the company secure its immediate future and deliver improved pay and benefits for all of its workers. "We’re now focusing on helping the company use US$3.6m of our investment to deliver better environmental and social standards for workers and local people. This will include improved community engagement and environmental practices, upgraded community facilities, such as clean drinking water, and better workers’ housing and sanitation. As with many of the companies we support, we’re helping Feronia make improvements to the way it operates but this takes time"...CDC has been invested in Feronia for a little over 21 months – in that time we have provided the company with the capital to keep it afloat. This has helped preserve the jobs of 3500 direct employees and many thousands more who are dependent on Feronia’s contracts and supply chain. When we invest in a business we work with the management to ensure that they raise standards. We’re doing this with Feronia...CDC assesses all transactions that involve significant land acquisition, whether for food production or other uses, as high risk and applies IFC Performance Standards to each. CDC also puts in place environmental and social action plans and appropriate grievance mechanisms while continuing to actively assess this issue.