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Vee Networks Limited

Sector: Broadband • Location: Nigeria

Source: Multilateral Investment Guarentee Agency (MIGA)

Project
Not Active

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

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Project Information

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The project “Vee Networks Limited” is an infrastructure initiative in the Broadband sector, located in Nigeria. Taiyo aggregates data on it from Multilateral Investment Guarentee Agency (MIGA).

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Participants

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Status

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not active

Taiyo status

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Description

Description

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.

Original sub-sector

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Original Currency

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Original budget

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Source

Source reliability

High

Data quality score

100%

Source

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URL

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More Details

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