Veon commits $250M to anchor $1B FDI initiative in Bangladesh

VEON Ltd. (Nasdaq: VEON), the parent company of Banglalink, has committed an initial $250 million investment over the coming years as part of a proposed public-private partnership aimed at attracting $1 billion in foreign direct investment to Bangladesh.

Augie K. Fabela II, Chairman and Founder of the VEON Board, met with Bangladesh Prime Minister Tarique Rahman at the Prime Minister's Office in Dhaka to outline the initiative, called "Invest in Bangladesh NOW," which is proposed in collaboration with the Government of Bangladesh and the Ministry of Posts, Telecommunications and ICT.

Also present at the meeting were the Minister for Posts, Telecommunications, Information Technology and Science and Technology, Faqir Mahbub Anam, and the Prime Minister's Advisor on the same portfolio, Rehan Asif Asad. The VEON delegation included board member Michiel Soeting and Banglalink CEO Johan Buse.

According to the press release, the proposed investment will target advanced connectivity, next-generation digital infrastructure, digital financial services, and artificial intelligence. VEON also stated plans to establish a digital finance ecosystem in Bangladesh offering digital banking, microfinance, and micro-insurance services.

Fabela said VEON will "actively engage international partners" alongside its own capital commitment. CEO Kaan Terzioglu said the initiative involves "not only committing capital but also mobilising global investment into the country's digital future."

VEON and Banglalink said they aim to explore additional growth areas including digital banking, education, healthcare, agriculture, ride-sharing, IoT solutions, and connectivity offerings such as Starlink's direct-to-cell technology.

VEON, listed on Nasdaq, operates across five countries and reports more than 150 million connectivity customers.

You May Also Be Interested In

• Badger Meter (BMI) PT Lowered to $165 at Stifel on In-Line Q2 Revenue
• TechWolf and WTW form partnership on AI-driven workforce skills data
• iMDx kidney transplant test featured in Lancet study, gets Medicare nod