Veon, Kyivstar to boost investment in Ukraine to $1bn

Veon, Kyivstar to boost investment in Ukraine to $1bn

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Veon plans to increase its investment to Ukraine’s digital infrastructure to US$1 billion from 2023-2027.

This is an increase from the previously announced $600 million over three years. The commitment will fund investments into network and digital services, including potential acquisitions or the development of new assets, social contributions and partnerships.

The chairman of the Veon board of directors and Veon founder Augie Fabela, Veon and Kyivstar board member and former US Secretary of State Michael Pompeo and Kyivstar CEO Oleksandr Komarov will attend the Ukraine Recovery Conference 2024 which begins today in Berlin.

The conference will highlight Veon and Kyivstar’s current contribution to Ukraine’s resilience as well as Veon’s future commitment to Ukraine.

Komarov said: "Veon and Kyivstar support Ukraine’s resilience, recovery and reconstruction in every possible way, from meeting the vital connectivity needs of the country to serving the population with digital capabilities, from futureproofing our network with Open RAN partnerships to ensuring energy resilience and continuity, from supporting Ukrainian businesses today to investing in the country’s digital ecosystem for the future.

“Having seen the support of Veon’s international investors, I am proud to note that Kyivstar is a significant example of how a socially responsible business with international investors can support a country through war.”

“With the power we take from our own example, we will join the call at the Ukraine Recovery Conference 2024 for businesses to invest in Ukraine and invest now! I’m happy that we will do so with an increased investment commitment of our own: $1 billion over five years.”

Since February 2022, Kyivstar has built 1,895 new LTE base stations and upgraded about 13,200 existing base stations to 4G.

The company has added more than 4,100 residential areas to 4G coverage and more than 95% of the population of territories controlled by Ukraine have access to 4G services on Kyivstar’s network.

The operator says it aims for near-universal population coverage in 4G over the next two years.

In February 2024, Kyivstar and Rakuten Symphony signed a letter of intent confirming Kyivstar’s interest in procuring and deploying Rakuten Symphony’s Open RAN technology in its network, which will involve both 4G and 5G technology.

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