Miga has issued two guarantees for a total of US$54.9mn to Cotecna of Switzerland for its equity investment in Cotecna Destination Inspection Ltd Nigeria. The guarantee contracts replace a previous contract issued (in 2003) to Cotecna, reflecting changes in the form of investment.

Originally, the financial structure included a US$20mn equity contribution, a US$10mn shareholder loan, as well as loans from various financial institutions totaling US$25mn. 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 centres in two airports, two sea ports and two land borders in Nigeria.