VEON lifts its Pakistan investment plan to $1.5 billion, finance minister says
Muhammad Aurangzeb put the Jazz owner's three year pledge $500 million above the figure announced in March. The jump comes as roughly 40 percent of Pakistani mobile subscribers still lack 4G.
VEON, the owner of Jazz, plans to invest $1.5 billion in Pakistan over three years, Finance Minister Muhammad Aurangzeb said on 6 October. That is $500 million, or 50 percent, more than the $1 billion Jazz pledged in March.
Aurangzeb made the announcement in a virtual address at the National SDGs Investment Fair 2026, organised by UNDP Pakistan in Karachi. He called the rise a significant jump and tied it to continued interest from international investors in Pakistan's efforts to attract foreign capital. The money, he said, would expand connectivity, modernise infrastructure and accelerate digital innovation.
The figure comes from the minister alone. VEON and Jazz have not confirmed it or said how the extra $500 million would be split, and the revised plan remains subject to the company's investment programme and implementation plans.
The fair presented 35 projects worth about $26 billion in total. Aurangzeb also said three Turkish companies have expressed interest in the first power distribution company offered for privatisation.
The March pledge
Jazz announced its $1 billion plan on 11 March, saying the money would upgrade its network and digital infrastructure and prepare for a gradual 5G rollout. On 1 April, VEON Group chief executive Kaan Terzioglu and JazzWorld chief executive Aamir Ibrahim called on Prime Minister Shehbaz Sharif and reaffirmed the commitment.
“Pakistan's digital future depends on strong and resilient connectivity infrastructure.”
The March announcement also said Jazz had won 190 MHz of additional spectrum across four newly introduced bands in the latest auction, taking its total holding to more than 284 MHz. Industry estimates cited at the time put around 40 percent of mobile subscribers in Pakistan without access to 4G, and nearly a quarter of the population outside mobile broadband coverage.
