Vee Networks Limited

MIGA has issued a $45 million guarantee to Ericsson Credit AB covering its non-shareholder loan of $73.7 million, including interest, to Vee Networks Limited in Nigeria. The guarantee is for a period of up to eight years and covers against the risks of currency transfer restriction, expropriation, and war and civil disturbance. This contract replaces an earlier (2002) contract of guarantee issued to Ericsson for the project, previously known as Econet Wireless Limited.

The project involves the installation, operation, and maintenance of a countrywide GSM mobile telephone network, under a 15-year license. Vee Networks Limited was the first GSM operator to commence operations in Nigeria and has an active subscriber base in excess of 2.7 million.