Veon subsidiary Jazz has secured a loan worth PKR 75 billion ($270 million) to support its network upgrades in Pakistan.
According to Veon, the 10-year financing agreement is the country's largest long-term private sector syndicated credit facility.
The company said the the financing will support Jazz's 4G expansion plans.
The consortium has been led by the Bank of Punjab plus a number of other financial institutions including Habib Bank, Bank Alfalah, Meezan Bank, MCB Bank, Allied Bank, Askari Bank, Habib Metropolitan Bank, Soneri Bank, Bank Islami Pakistan, and MCB Islamic Bank.
"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 needs to realize the potential of its young and dynamic population and vibrant business landscape," said Kaan Terzioğlu, group CEO of Veon.
Jazz is Pakistan's biggest mobile carrier with more than 71 million subscribers.
The company was founded in 1994 as part of a JV between Saif Group and Motorola, and was known as Mobilink.
In February 2001, Egypt-based Orascom Investment Holding bought Motorola’s shares in Jazz to become the majority shareholder with 69 percent control, before eventually buying out Saif Group a few years later for full control.
Veon acquired most of the telecom assets of Orascom in 2010, including Jazz, as part of a $6.5 billion deal.
