22 Jul 2024
VEON's Jazz Secures Pakistan's Largest Long-Term Private Sector Syndicated Credit Facility of up to PKR 75 billion Amsterdam and Karachi, 22 July 2024: 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 Pakistans 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 Jazzs vision. This financing arrangement reaffirms our commitment to driving Pakistans 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.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on Nasdaq and Euronext. For more information visit: www.veon.com.
About Jazz
Jazz is Pakistan's leading digital operator with over 71 million subscribers. Jazz offers the most extensive portfolio of digital services including JazzCash, Pakistan's leading fintech; Garaj, the largest onshore cloud and cybersecurity platform; and Tamasha, Pakistan's largest homegrown OTT video streaming and entertainment platform.
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON's digital, commercial and investment plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. There can be no assurance that the initiatives referred to above will be successful.
Contact Information
VEON
Hande Asik
Group Director of Communications
pr@veon.com
Julian Tanner
TUVA Partners
Julian.tanner@tuvapartners.com
1PKR 65 billion of the facility was already secured in May 2024 as disclosed in the Unaudited Interim Condensed Consolidated Financial Statements VEON Ltd. as of and for the three-month period ended March 31, 2024 available on www.veon.com
This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy
We wont track your information when you visit our site. But in order to comply with your preferences, well have to use just one tiny cookie so that youre not asked to make this choice again.
AcceptDecline
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
10/06/2026
DAZN-owned digital-media company launches three fan-first series leaning into cr...
10/06/2026
Clear-Com has announced the appointment of Jason Dino as Southwest Regional Sales Manager USA, covering Southern California and the Southwest region. Dino joins...
10/06/2026
An 11% decrease in number of global broadcast deals reflects the organization...
10/06/2026
The Women Without Boundaries Awards recognize women whose work is advancing the future of media, broadcast, AV, workplace technology, digital experience, and re...
10/06/2026
Today is match day minus two for FIFA and HBS. On Thursday, there will be two ma...
10/06/2026
SES is supporting broadcast distribution of the world's biggest football tou...
10/06/2026
NDI has announced that BirdDog has become the first hardware manufacturer to achieve full NDI 6.3 compatibility across its complete lineup of cameras, encoders,...
10/06/2026
Vince Caputo and Scott Carter, winners of the 2026 Sports Emmy for Outstanding Post Produced Audio have been announced as presenters for the 2026 SVG Advanced A...
10/06/2026
FOX One today unveiled a slate of new product features and enhancements designed to elevate the viewing experience for fans on the official streaming platform o...
10/06/2026
Primary production partners Dome Productions and Raycom Sports once again played...
10/06/2026
The Women in Sports Filmmaking Experienceship is an immersive professional devel...
10/06/2026
The league has expanded its HSAN architecture for the NBA Finals to manage more ...
10/06/2026
The inaugural MoonPay X Games League (XGL) Winter Draft will take place Wednesday, September 16, 2026 at Cosm Los Angeles from 7-9 p.m. PT. The event will strea...
10/06/2026
The University of Oklahoma (OU) Athletics Department and Learfield have announce...
10/06/2026
The Video Services Forum (VSF) has released TR-06-4 Part 8, a new specification for RIST Satellite-Hybrid: Out-of-Band Method. The specification creates a mecha...
10/06/2026
Riedel Communications provided the communications infrastructure for the 14th World Live Neurovascular Conference (WLNC) in Lisbon, supporting live medical proc...
10/06/2026
A still from The Doom Generation by Gregg Araki (Courtesy of Sundance Institute)
By Lucy Spicer
Have you checked out our Sundance Film Festival 101 list yet...
10/06/2026
Get Hands-On with Interfaces & Mic Preamp Brands
If youre after a new interface or preamp, then GearExpo UK is the place to be! Well have a whole host of au...
10/06/2026
November 13-14 2026, The Midway, San Francisco
Following their recent rebranding, MONO Music Conference (formerly Music Expo) have officially announced thei...
10/06/2026
Debut instrument free for limited time
deFORM is the debut release from newly founded developer ebbandflow, and it's being offered as a free download fo...
10/06/2026
Alone Australia Season 4: Meet the Cast
10 June, 2026
Media releases
WATCH THE TRAILER
Smash-hit survival series Alone Australia drops its highly anticipa...
10/06/2026
DEADLY THEN, DEADLY NOW, DEADLY ALWAYS: SBS & NITV IGNITE NAIDOC WEEK 2026 WITH ...
10/06/2026
Rohde & Schwarz and TRUMPF advance laser-based drone defense with THORIS LCS Rohde & Schwarz is showcasing THORIS at ILA 2026: A sovereign, end to end counter...
10/06/2026
MAHLE and Rohde & Schwarz develop application for sensor testing of modern drive...
10/06/2026
Production and Development Funding supports the creation of compelling, commercially viable, artistic and culturally relevant South African screen content. Deve...
10/06/2026
Media buyers and sellers can now compare YouTube reach from computer, mobile, an...
10/06/2026
Accedo, Humans not Robots, and the Institution of Engineering and Technology (IET) have announced the launch of Ecoflow X. Formerly an IBC Accelerator project, ...
10/06/2026
Frequency, the engine powering the world's leading streaming television channels, today announced that James Smith has joined the company as General Manager...
10/06/2026
At the 14th World Live Neurovascular Conference (WLNC) in Lisbon, Riedel Communications provided the communications infrastructure for live medical procedures s...
10/06/2026
Globecast, a leading provider of broadcast, media, and entertainment managed services, today announced the launch of its Content Exchange platform powered by Or...
10/06/2026
Klvr will showcase how venues, integrators and production teams are rethinking disposable battery usage at InfoComm 2026 (Las Vegas, June 17-19, booth #N6311). ...
10/06/2026
The Video Services Forum (VSF) has further enhanced the Reliable Internet Streaming Transport (RIST) protocol by incorporating a new feature, RIST Satellite-Hyb...
10/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/06/2026
10 Jun 2026
VEON's Banglalink Brings Every World Cup 2026 Match to Football...
10/06/2026
Wednesday 10 June 2026
How to watch every ICC Women's T20 World Cup 2026 match live on Sky Sports
Where is the ICC Women's T20 World Cup 2026 availabl...
10/06/2026
Wednesday 10 June 2026
P RLA brings first-ever Beautifully Clean Oral Care'...
10/06/2026
Wednesday 10 June 2026
Sky reveals pulse-pounding first teaser trailer for upco...
10/06/2026
Wuppertal June 10, 2026
Riedel Artist at the Heart of the 14th World Live Neurovascular ConferenceAt the 14th World Live Neurovascular Conference (WLNC) in Li...
10/06/2026
Back to All News
Netflix Showcases New Mobile Experience, Collections and Games Vision in APAC
Product
10 June 2026
GlobalSouth KoreaJapan
Link copied to c...
10/06/2026
Back to All News
Ready to Join? The Netflix Fan Club Arrives at Cannes Lions
Business
10 June 2026
Global
Link copied to clipboard
Download all assets
N...
10/06/2026
Chemists snap together complex 3D molecules from highly reactive radicals-without losing their shape Scripps Research team develops stereoretentive radical-radi...
09/06/2026
Kiswe announces an expanded long-term partnership with ONE Championship (ONE), t...
09/06/2026
SiriusXM will broadcast FOX Sports' English-language commentary for all 104 FIFA World Cup 2026 matches from June 11 through July 19, available to subscribe...
09/06/2026
EVS has announced it is changing its corporate name from EVS Broadcast Equipment to EVS, reflecting the company's expanded portfolio beyond broadcast equipm...
09/06/2026
Fox Corporation and the NFL have announced a multi-year agreement to bring NFL c...
22 Jul 2024
