VEON to invest $600 million as part of the reconstruction of Ukraine

VEON to invest $600 million as part of the reconstruction of Ukraine

The parent company of the largest Ukrainian telecom operator Kyivstar, VEON Group, has begun implementing investment commitments for the restoration of Ukraine for $600 million

“Global digital operator providing converged communications and online services VEON and its subsidiary Kyivstar announce that they have officially commenced implementation of the $600 million investment commitment to rebuild Ukraine announced in June 2023.” , - the company said in a statement.

The investments will be disbursed over three years, from 2024-2026.

Capital investments of the Kyivstar company in 2023 amounted to $174 million. At the same time, the volume of future investment obligations from $600 million in a three-year period can be increased to $1 billion in a five-year period, if market conditions allow, VEON assured.

President of Kyivstar Alexander Komarov noted that with the beginning of the implementation of these investment obligations, 2024 marks the beginning of an ambitious path for the Kyivstar company.

“Thanks to the support of our parent company VEON, the leadership of the Kyivstar Board of Directors, which is stronger than ever thanks to Secretary Pompeo, the unwavering dedication of our 4,000-person team, and the unwavering gratitude of our 24 million customers, Kyivstar is an exemplary company , which takes on the challenge of rebuilding Ukraine today, overcoming all difficulties and never losing focus,” said Alexander Komarov.

The telecommunications holding VEON, headquartered in Amsterdam (the Netherlands), owns 100% of Kyivstar, the largest telecom operator in Ukraine, which serves 24 million customers, providing mobile and fixed-line communications, and digital services. VEON's member operators serve 160 million customers in Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan - six markets with more than 510 million users. VEON shares are listed on the Nasdaq and Euronext Amsterdam stock exchanges.

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