IP Satellite Services Ltd.

MIGA issued $11.4 million in guarantee coverage to Accelon (Pty.) Ltd. of South Africa for its $15.2 million equity investment in IP Satellite Services Ltd. of Nigeria. The guarantee is for a period of three years and provides coverage against the risks of expropriation and war and civil disturbance.

The project involves the establishment of an internet service provider facility to be operated via a satellite platform. The project enterprise will offer standardized shared Internet access services. Flexible service packages will be offered based on bandwidth attributes, providing email, web browsing, file downloads, teleconferencing, virtual private networks with com-mitted information rates, broadband services, interactive TV services, and voice services, all from a common platform.

IP Satellite Services Ltd. will offer Nigerians the kind of internet services and tools typ-ically available only to large enterprises or corporations. Consequently, high-quality, high-speed Internet services (including cutting-edge communication, business, learning, and entertainment services) will become more accessible and affordable for a broad range of business clients and consumers. Moreover, the project enterprise will further disseminate technological know-how in Nigeria by providing $1 million in technical training to its staff over a five-year period.

The project will contribute to the Nigerian economy by creating employment opportunities and generating tax revenues. In addition, peripheral business opportunities will be created for entrepreneurial Nigerians by developing a network of dealers with a broad geographic presence throughout the country.