6 Feb 2024 11:33

VEON, Kyivstar launch $600 mln investment plan that could grow to $1 bln

MOSCOW. Feb 6 (Interfax) - VEON Group, the parent company of leading Ukrainian telecom provider Kyivstar, has begun implementing its commitment to invest $600 million in developing the provider's infrastructure, the group said in a press release.

"VEON Ltd., 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 investment commitment" announced in June 2023, the group said.

This investment will be made over three years, and the scope of the future investment commitment is expected to increase to $1 billion over five years, to 2028, if market conditions permit. Kyivstar's capital expenditures totaled $174 million in 2023.

Kyivstar provides both mobile and fixed telecom services.