Karachi: Jazz, Pakistan's leading digital service provider, has successfully negotiated the largest private-sector syndicated credit facility in the country, valued at up to PKR 75 billion. This financial boost is aimed at expanding its 4G network and advancing its new ServiceCo business model nationwide.
According to Jazz Pakistan, the 10-year financing deal was orchestrated with the help of a consortium led by The Bank of Punjab (BoP). The signing event, which took place at a local hotel in Karachi, saw the attendance of Jazz CEO Mr. Aamir Ibrahim, VEON Group CEO Mr. Kaan Terzioglu, and executives from various contributing banks including Habib Bank Limited, Bank Alfalah, and others. This significant financial arrangement underscores the commitment of leading financial institutions to support substantial technological advancements within the telecom sector.
Jazz has been a cornerstone in Pakistan’s telecommunications landscape for over three decades, with investments totaling more than USD 10.6 billion and holding a 45% revenue market share. With more than 71.4 million subscribers, including 49 million 4G users, Jazz is pivotal in driving Pakistan's digital agenda. The transition to a ServiceCo model marks a strategic shift from a traditional mobile operator to a structure that emphasizes digital financial services, software and analytics, and other digital platforms.
The CEO of Jazz highlighted the investment as a key to bridging the digital divide and enhancing financial inclusion across Pakistan. This initiative is part of Jazz’s broader strategy to ensure comprehensive digital accessibility, aiming to transform the socio-economic landscape by enabling all citizens to benefit from digital services.
Mr. Zafar Masud, President and CEO of The Bank of Punjab, expressed pride in leading the transaction, emphasizing the bank's commitment to promoting digital transformation and supporting the telecom industry's growth as part of Pakistan’s broader economic development.
This financing follows Jazz’s previous financial endeavors, including a PKR 50 billion syndicated credit facility and a pioneering Rs. 15 billion Sukuk, which further consolidate its financial base and enhance its capacity to deliver advanced digital services.