Veon subsidiary Jazz has secured a PKR75 billion (US$270 million) loan to finance plans to expand infrastructure across Pakistan and aid its transition from a telecom company to a technology services provider.
In a statement, Veon Group CEO Kaan Terzioglu said: “This credit facility will be a game-changer for Pakistan’s digital landscape, helping us accelerate the deployment of cutting-edge digital infrastructure and focusing on services that Pakistan needs to realize the potential of its young and dynamic population and vibrant business landscape.”
Jazz CEO Aamir Ibrahim added that the credit facility will enable Jazz to “enhance our digital infrastructure” and continue its “transition from a telco to a ServiceCo.”
The company plans to invest in rising industries such as cloud, software, and financial services in addition to consumer connectivity.
Veon stated that the over a quarter of a million dollar 10-year credit facility came from a banking consortium led by The Bank of Punjab along with other South Asia-based banks. It is the largest long-term private sector syndicated credit facility, said Veon.
This substantial investment will allow Jazz to significantly enhance its technological capabilities, positioning itself as a leader in Pakistan’s digital transformation. By expanding its infrastructure and focusing on innovative digital services, Jazz aims to support the country’s growing digital economy and meet the evolving needs of its customers.
Source: https://meatechwatch.com/2024/07/24/veon-secures-us270-million-loan-for-pakistan-unit-jazz/