Veon subsidiary Jazz secured a PKR75 billion (US$270 million) loan to finance plans to expand infrastructure across Pakistan, and aid plans to transition from a telco to a technology services company.
In a statement, Veon Group CEO Kaan Terzioglu (pictured) said: "This credit facility will be a game-changer for Pakistan's digital landscape helping us accelerate the deployment of cutting-edge digital infrastructure, focusing on services that Pakistan needs to realise the potential of its young and dynamic population and vibrant business landscape.”
Jazz CEO Aamir Ibrahim added the credit facility will enable Jazz to “enhance out digital infrastructure” and continue its “transition from a telco to a ServiceCo”.
The company will invest in rising industries such as cloud, software, financial services in addition to consumer connectivity.
Veon stated 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.
