Veon has announced that it will increase its investment in its Ukrainian subsidiary Kyivstar to $1 billion.

It said it will invest the figure into the telco over the five-year period from 2023 through 2027.

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The amount is an increase from the $600 million that Veon pledged to invest in Kyivstar last year.

Veon said that the funds will be used to invest in Kyivstar's network and digital services, including "potential acquisitions or the development of new assets, social contributions, and partnerships."

“Veon and Kyivstar support Ukraine’s resilience, recovery, and reconstruction in every possible way," said Oleksandr Komarov, CEO of Kyivstar.

"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."

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

The telco has added more than 4,100 residential areas to 4G coverage, noting that 95 percent of the population of territories controlled by Ukraine have access to 4G services on Kyivstar's network.

By the end of 2026, Kyivstar wants to cover 98 percent of the population with 4G coverage.

Last year, Kyivstar signed a partnership with Japan's Rakuten Symphony. The agreement will see Rakuten Symphony assist with the reconstruction of its infrastructure in Ukraine.

The duo signed a memorandum of understanding to push Open RAN technology as part of efforts to boost the country's telecoms services.