Global telecom operator VEON raises Pakistan investment plan to $1.5bn from $1bn, says Aurangzeb

According to Business Recorder, the telecom operator VEON has lifted its planned spending in Pakistan to $1.5 billion, up from $1 billion, for the coming three years. Finance Minister Muhammad Aurangzeb disclosed the revised figure in a virtual address in Karachi on Tuesday, calling it a significant jump. He said the move signalled that international investors remain interested in the country.

The revision follows an earlier $1 billion plan that VEON unveiled this year during a high-level meeting with the finance minister, aimed at widening connectivity and upgrading infrastructure. It also arrives as Pakistan works to attract foreign capital and grow private business activity while stabilising the economy.

Aurangzeb added that three Turkish companies have shown interest in DISCO, the first distribution company slated for privatisation. On the PSX, he noted that five IPOs were completed in the last quarter after 11 in the previous fiscal year, with Khaadi preparing its own offering and about 22 REITs expected to list in the next couple of years.