VEON, the global digital operator, and its wholly owned subsidiary Kyivstar, announce the launch of a USD 600 million investment project to rebuild Ukraine, first announced in June 2023.
The implementation of the investment plan, which covers a three-year period from 2024 to 2026, was the focus of a visit to Kyiv by a VEON delegation last week.
Pompeo will help
The delegation also included former U.S. Secretary of State Michael Pompeo, who visited Kyiv for the first time since joining the Supervisory Board of Kyivstar in early December 2023.
During his visit, Secretary Pompeo, VEON Board Member Augie Fabela and VEON Group CEO Kaan Tercioglu met with Andriy Yermak, Head of the Office of the President of Ukraine, U.S. Ambassador to Ukraine Bridget Brink and Deputy Head of Mission of the Embassy of the Kingdom of the Netherlands in Ukraine Esselin van Erten.
VEON and Kyivstar also held a business and investment forum “B2U: Business for Ukraine” in Kyiv. During the Forum, more than 100 representatives of Ukraine’s leading businesses discussed ways to improve the investment climate, which in turn will help attract international business to Ukraine and develop the country’s economic sustainability.
Investing in Ukraine
Kyivstar, the country’s largest telecommunications company and one of the largest taxpayers, invested approximately USD 174 million in telecom services and infrastructure in 2023 and plans to expand its future investment commitments from USD 600 million over 3 years to USD 1 billion over 5 years, if market conditions allow.
“I am delighted to be back in Kyiv, now as part of the VEON family, as a member of the Supervisory Board of Kyivstar. Ukraine must win this war, both on the battlefield and economically. The private sector, especially international investors, play a crucial role in ensuring this victory, which I believe is understood and appreciated by all stakeholders. I am inspired by the incredible work of VEON and Kyivstar, as well as other private sector companies that continue to serve Ukrainians with dedication and perseverance,” said Michael Pompeo, former US Secretary of State and member of the Supervisory Board of Kyivstar.
“Since the first days of the war, we at VEON have made a decision to serve Ukraine. I would like to thank our international investors for supporting our exit from the Russian market, which we completed as promised in October 2023, and for their continued focus on investing in Ukraine, including a commitment to invest $600 million that we are starting this year. VEON and Kyivstar are part of Ukraine’s future, and we will continue to work day and night to make the future a winning, successful and inspiring one,” said Kaan Terzioglu, CEO of VEON Group.
Launching the project
Kyivstar CEO Oleksandr Komarov announces the launch of an investment project as part of a three-year commitment to invest USD 600 million in Ukraine.
“With the support of our parent company VEON, the leadership of Kyivstar’s Supervisory Board, which is now stronger than ever thanks to the addition of former US Secretary of State Mike Pompeo, the unwavering commitment of our four thousand employees and the recognition of our 24 million customers, Kyivstar is an example of a company that is facing the challenges of rebuilding Ukraine today, overcoming all difficulties and never losing focus,” said Komarov.
VEON is the parent company and sole owner of Kyivstar, the largest telecommunications operator in Ukraine, serving 24 million customers with mobile and fixed-line connections and digital services, keeping Ukrainians connected at home and abroad despite very challenging conditions.
