VEON to increase investment to rebuild Ukraine’s digital infrastructure to $1 billion – ET Telecom

VEON, the owner of Ukraine‘s largest mobile network Kyivstar, said on Monday it would increase its financial commitment to rebuild Ukraine’s digital infrastructure to $1 billion.

The global digital operator plans the investment over a five year period from 2023 to 2027, channelled through VEON’s wholly-owned subsidiary Kyivstar, marking an increase from its previous $600 million investment commitment.

“The commitment will fund investments into network and digital services, including potential acquisitions or the development of new assets, social contributions and partnerships,” VEON said in a statement.

In December 2023, Kyivstar was targeted by what appeared to be the largest cyber attack since Russia’s invasion of Ukraine in February 2022. Last month the company said it lost 3% of annual growth caused by the cyber attack.