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VEON Ltd. (NASDAQ:VEON, Euronext Amsterdam: VEON))))), a global digital operator that provides converged connectivity and online services, and its wholly-owned subsidiary Kyivstar announce that they have now officially started the implementation of the 600 million USD investment commitment in rebuilding Ukraine, as initially announced in June 2023. VEON's commitment to invest in Ukraine, including the 600 million USD plan that covers the three-year period from 2024-2026, was the focus of a visit last week by a high-level delegation to Kyiv. Former U.S. Secretary of State Michael R. Pompeo joined the delegation, visiting Kyiv for the first time after joining Kyivstar as a Board member in November 2023.
Following up on their "Invest in Ukraine, NOW!" campaign, VEON and Kyivstar have also co-hosted "B2U: Business to Ukraine", a business and investment forum in Kyiv. During the Forum, more than 100 representatives of Ukraine's leading businesses held discussions on improving the investment climate in the country, which is expected in turn to support the flow of international business to Ukraine, contributing to the country's economic resilience.
Kyivstar, the country's largest telecommunications company and one of the highest taxpayers, invested roughly 174m USD in capex in 2023, and expects to widen the scope of its future investment commitment from 600m USD in 3 years to 1 billion USD in 5 years, if market conditions permit.
"I am excited to be back in Kyiv, now as part of the VEON family in my role on the Board of Directors of Kyivstar. Ukraine must win this war, both on the battlefield and economically. The private sector, especially international investors, has a crucial role to play to ensure this victory, which I believe is understood and appreciated by all stakeholders. I am inspired to see the incredible dedication of VEON and Kyivstar, and of the other private sector companies that continue to serve Ukrainians with commitment and perseverance," said Mike Pompeo, Former U.S. Secretary of State and Kyivstar Board member.
"In the first days of the war, we at VEON made a decision and chose to serve Ukraine. I would like to thank our international investors for supporting us through our exit from Russia, which we completed in October 2023, and our continued focus on investing in Ukraine, including the 600 million USD commitment which we are setting in motion starting with this year. VEON and Kyivstar will be a part of Ukraine's future, and we will continue to work day and night to make the future victorious, successful and inspiring." said Kaan Terzioglu, VEON Group CEO.
"This year marks the beginning of an ambitious journey for Kyivstar, as we launch the investments within the scope of our three-year commitment to invest 600 million USD. With the support of our parent company VEON, the guidance of Kyivstar Board of Directors, which is now stronger than ever with Secretary Pompeo, the unwavering dedication of our 4000-strong team, and the continued appreciation of our 24 million customers, Kyivstar is a leading example of a company that rises to the challenge of rebuilding Ukraine today – overcoming all odds and never losing the focus," said Oleksandr Komarov, Kyivstar CEO.
VEON is the parent company and the 100% owner of Kyivstar, the largest telecoms operator in Ukraine, that serves 24 million customers with mobile and fixed connectivity and digital services, keeping Ukrainians connected at home and abroad through very challenging conditions. Headquartered in Amsterdam, the Netherlands, VEON is a Nasdaq- and Euronext Amsterdam-listed company with a global investor base. VEON Group's digital operators serve nearly 160 million customers in Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan with connectivity and digital services and contribute to the growth of 6 markets that are together home to more than 510 million people.
Posted In: VEON
