VEON plans $250m investment in BD

VEON Group, the parent company of mobile operator Banglalink, is planning to invest $250 million in Bangladesh as part of a wider initiative to support the country's digital economy and attract foreign investment.

The proposal was discussed during a meeting between VEON Founder and Chairman Augie K Fabela II and Prime Minister Tarique Rahman at the Prime Minister's Office in the capital on Monday.

According to the company, the proposed investment would form part of a broader programme, titled Invest in Bangladesh NOW, under which VEON intends to serve as the anchor investor, while encouraging other international investors to bring total foreign direct investment (FDI) under the initiative to $1 billion.

The investment is expected to be directed towards digital infrastructure, artificial intelligence (AI), digital banking, mobile financial services, and advanced connectivity technologies.

During the meeting, VEON also presented plans to expand digital financial services in Bangladesh by introducing digital banking, microfinance, and micro-insurance solutions aimed at improving financial access for underserved communities.

The discussions were attended by Posts, Telecommunications, Information Technology, and Science and Technology Minister Faqir Mahbub Anam, Prime Minister's Adviser on the same portfolio Rehan Asif Asad, VEON board member Michiel Soeting, Banglalink Chief Executive Officer Johan Buse, and Banglalink Chief Corporate and Regulatory Affairs Officer Taimur Rahman.

VEON, which is listed on the NASDAQ stock exchange and operates Banglalink in Bangladesh, said it also planned to leverage its international network to attract additional foreign investors interested in the country's expanding digital sector.

The company indicated that future investments could extend beyond telecommunications into sectors such as digital banking, healthcare, education, agriculture, ride-sharing services, and Internet of Things (IoT) technologies.

It is also exploring advanced connectivity solutions, including Starlink's direct-to-cell technology.

Speaking after the meeting, Fabela said VEON viewed Bangladesh as a long-term investment destination and was prepared to support the country's digital transformation through sustained investment and partnerships.

Banglalink Chief Executive Officer Johan Buse said the operator intended to build on its telecommunications business by expanding digital and financial services in collaboration with the government.

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