VEON Ltd., a prominent global digital operator, has declared an investment of USD 600 million through its subsidiary Kyivstar to aid in Ukraine‘s recovery over the next three years. The investment will cover infrastructure projects to ensure essential connectivity, the development of 4G services across the country, superior digital services, and community support projects.
The announcement was made during the international Ukraine Recovery Conference in London, focusing on mobilizing international support for the country’s recovery and reconstruction efforts. As part of this, VEON has launched its “Invest in Ukraine, Now!” campaign, encouraging national and international stakeholders to invest and contribute to rebuilding Ukraine.
Kyivstar CEO Oleksandr Komarov emphasized the critical role of communication services in Ukraine’s resilience and recovery since February 24th, 2022. This substantial investment commitment represents not only a continuation of their support but also an acceleration of investments. Komarov invites other companies to invest with the same enthusiasm and contribute to Ukraine’s future.
Kyivstar, as the largest telecommunication company in Ukraine, has maintained essential connectivity for its 24.3 million mobile and 1.1 million fixed-line users during these challenging times. The company has managed to keep 93% of its network operational, enabling critical communication services supporting Ukraine’s society and economy.
Additionally, Kyivstar has been actively contributing to the country’s cybersecurity defense against DDoS, phishing, and malware attacks. These threats have increased by 200%, 300%, and 400%, respectively, in 2022 compared to the previous year.
The USD 600 million commitment will enable the continuation and expansion of Kyivstar’s services in the coming three years, starting with network expansion, including ‘LTE everywhere’ and fiberization projects, and eventually leading to 5G-focused reconstruction. This will result in higher quality internet coverage for millions of users. Kyivstar aims to cover 98% of Ukraine’s population in 4G within the next three years, including small and remote settlements.
The investments will also accelerate the digitalization of Ukraine with essential digital services and connectivity. Kyivstar currently offers a range of digital solutions to support vital services like information dissemination, mobile education, and mobile health. The new funds will be used to enhance existing services and invest in new digital verticals that positively impact Ukrainian society.
Furthermore, Kyivstar’s commitment to Ukraine extends to charitable support. Since the start of the conflict, the company has provided humanitarian donations totaling UAH 1.1 billion (roughly USD 32.5 million). As part of their investment pledge, Kyivstar will continue collaborating with leading Ukrainian NGOs and social initiatives, supporting charity projects with donations and socially responsible business partnerships.