Cotecna Destination Inspection Limited, Nigeria

MIGA has issued two guarantees for a total of $54.9 million to Cotecna S.A. of Switzerland for its equity investment in Cotecna Destination Inspection Ltd. Nigeria. The guarantee contracts replace a previous contract issued (in 2003) to Cotecna S.A., reflecting changes in the form of investment. Originally, the financial structure included a $20 million equity contribution, a $10 million shareholder loan, as well as loans from various financial institutions totaling $25 million. Under the new structure, Cotecna will fund the project through equity contributions only.

The coverage is for a period of seven years and against the risks of breach of contract, expropriation, transfer restriction, and war and civil disturbance. The project involves the establishment of container X-ray scanning centers in two airports, two sea ports and two land borders in Nigeria.