Amsterdam and Karachi: VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces that Jazz, its digital operator in Pakistan, has secured the country’s largest long-term private sector syndicated credit facility of up to PKR 75 billion (c. USD 270 million). This 10-year financing arrangement will power Jazz’s growth ambitions as the country’s leading provider of 4G connectivity and digital services to millions of consumers and enterprises. 

The banking consortium was led by The Bank of Punjab, along with the following other prominent financial institutions that act as mandated lead advisors and arrangers: Habib Bank, Bank Alfalah, Meezan Bank, MCB Bank, Allied Bank, Askari Bank, Habib Metropolitan Bank, Soneri Bank, Bank Islami Pakistan and MCB Islamic Bank. The signing of the credit facility, originally entered into in May 2024¹, was marked with a ceremony held in Karachi in the presence of VEON Group CEO Kaan Terzioglu, Jazz CEO Aamir Ibrahim, and the Presidents, Chairs and Chief Executives of the participating banks.

"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 need to realize the potential of its young and dynamic population and vibrant business landscape. I would like to thank our distinguished partners in the banking consortium for seeing the immense growth potential that Jazz’s value proposition entails for Pakistan. I would also like to congratulate the Jazz team for the successful delivery of services to millions of Pakistanis that has fuelled the robust growth of our Pakistan operations. This agreement is a further sign of the trust and the support that Jazz enjoys as the leading digital growth engine of the country,” said Kaan Terzioglu, Group CEO of VEON.

“This landmark syndicated credit facility will help expand and enhance our digital infrastructure across Pakistan, as we transition from a telco to a ServiceCo and invest in sunrise industries like cloud, software, financial services in addition to consumer connectivity. I would like to thank The Bank of Punjab and our esteemed banking consortium partners for their unwavering support and confidence in Jazz's vision. This financing arrangement reaffirms our commitment to driving Pakistan's digital transformation as our focus remains on delivering innovative solutions that empower individuals and businesses, fostering socio-economic growth," said Aamir Ibrahim, CEO of Jazz.

“Leading this landmark transaction in the telecom sector exemplifies our strategic focus on digital transformation in Pakistan. Our partnership with Jazz underscores The Bank dedication to advancing technological progress and supporting the growth of the telecom industry. This deal is a testament to our commitment to driving innovation and fostering economic development in the country,” said Zafar Masud, President and CEO of The Bank of Punjab.