Jazz Secures Pakistan’s Largest Long-Term Private Sector Syndicated Credit Facility of PKR 75 Billion
Amsterdam and Karachi, 22 July 2024 – VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON), a global digital operator, proudly announces that Jazz, its leading digital operator in Pakistan, has secured the country’s largest long-term private sector syndicated credit facility, amounting to PKR 75 billion (approximately USD 270 million). This landmark 10-year financing arrangement is set to power Jazz’s growth ambitions, reinforcing its position as Pakistan’s premier provider of 4G connectivity and digital services to millions of consumers and enterprises.
The banking consortium was spearheaded by The Bank of Punjab, in collaboration with other prominent financial institutions, which served as mandated lead advisors and arrangers. The consortium includes 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, initially agreed upon in May 2024, was commemorated with a ceremony in Karachi. The event saw the attendance of VEON Group CEO Kaan Terzioglu, Jazz CEO Aamir Ibrahim, and the Presidents, Chairs, and Chief Executives of the participating banks.
Kaan Terzioglu, Group CEO of VEON, remarked, “This credit facility will be a game-changer for Pakistan’s digital landscape, helping us accelerate the deployment of cutting-edge digital infrastructure. We are focused on services that will enable Pakistan to realize the potential of its young and dynamic population and vibrant business landscape. I extend my gratitude to our distinguished partners in the banking consortium for recognizing the immense growth potential of Jazz’s value proposition. Congratulations to the Jazz team for their outstanding service delivery to millions of Pakistanis, which has fueled the robust growth of our Pakistan operations. This agreement further signifies the trust and support that Jazz enjoys as the leading digital growth engine of the country.”
Aamir Ibrahim, CEO of Jazz, added, “This landmark syndicated credit facility will expand and enhance our digital infrastructure across Pakistan. As we transition from a telco to a ServiceCo, we are investing in sunrise industries like cloud, software, and financial services, in addition to consumer connectivity. My heartfelt thanks go to 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, focusing on delivering innovative solutions that empower individuals and businesses, fostering socio-economic growth.”
Zafar Masud, President and CEO of The Bank of Punjab, stated, “Leading this landmark transaction in the telecom sector exemplifies our strategic focus on digital transformation in Pakistan. Our partnership with Jazz underscores The Bank of Punjab’s dedication to advancing technological progress and supporting the telecom industry’s growth. This deal is a testament to our commitment to driving innovation and fostering economic development in the country.”
About VEON
VEON is a digital operator providing converged connectivity and digital services to nearly 160 million customers across six countries, home to over 7% of the world’s population. VEON is dedicated to 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 an 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.
