VEON plans to invest $600M in Ukraine over three years
"Netherlands-based VEON global digital communications operator announced the completion of its withdrawal from Russia and the sale of the Russian asset Vimpelcom. The terms of the agreement do not provide for the possibility of repurchase, i.e., the completion of operations in the Russian market is complete and final for VEON," Kyivstar CEO Oleksandr Komarov said, the company's press service informed Ukrinform.
As Komarov comments, "after a long series of legal procedures, our 100% shareholder VEON put an end to relations with the Russian telecom market. This will mean strengthening the company's development strategy in six other markets, including Ukraine."
In particular, in the next three years, VEON plans to invest $600 million in Ukraine, which will be channeled into the reconstruction of the telecommunications network and the development of digital services and new mobile technologies.
Komarov underscores that Kyivstar operates in normal mode. Since the beginning of the Russian full-scale invasion, it has already invested UAH 8.2 billion in the development of the country's telecom market, paid UAH 15.2 billion in taxes, and provided support to state bodies, the military, and law enforcement and security agencies to the tune of more than UAH 1.4 billion.
As reported, Kyivstar is currently preparing the network for operation in conditions of possible power outages, for which it has invested UAH 988 million. By the end of 2023, 110,000 new batteries will be installed at the company's base stations.
