Islamabad – July 19, 2024: Jazz, Pakistan’s leading digital operator, has successfully secured the largest private sector syndicated credit facility, totaling up to PKR 75 billion. The banking consortium was led by The Bank of Punjab (BoP), and this 10-year financing arrangement will significantly support Jazz’s ongoing 4G network expansion and technological upgrades while supporting its new ServiceCo model.
The signing ceremony was graced by Mr. Kaan Terzioğlu, VEON Group CEO, Mr. Aamir Ibrahim, CEO of Jazz, and the Presidents of participating banks along with their representatives. The consortium includes prominent financial institutions acting as mandated lead advisors and arrangers, namely Habib Bank Limited, Bank Alfalah Limited, Meezan Bank Limited, MCB Bank Limited, Allied Bank Limited, The Bank of Punjab, Askari Bank Limited, Habib Metropolitan Bank, Soneri Bank Limited, Bank Islami Pakistan Limited and MCB Islamic Bank Limited.
Jazz, a major investor in Pakistan with over 30 years of history and investments exceeding USD 10.6 billion, leads the industry with a 45% revenue market share and serves over 71.4 million subscribers, including 49 million 4G users. The company recently announced a major shift from a traditional mobile operator to a ServiceCo structure, creating Strategic Business Units (SBUs) focused on digital financial services, software & analytics, data centers & cloud, and entertainment & digital platforms.
BoP and Jazz Partner for Major Investment in Pakistan’s Digital Future
Mr. Aamir Ibrahim, CEO of Jazz, said, “We are spending money to make our technology better so everyone in Pakistan can use the internet and digital services. This deal shows that people trust Jazz and our work in technology.”
Mr. Zafar Masud, President of The Bank of Punjab, said, “This big deal with Jazz shows how we are helping to make technology better in Pakistan. It also shows how much we want to support new ideas and help the country grow.”
In June 2021, Jazz got a huge loan of PKR 50 billion from banks to help with their technology. Earlier, Jazz also got a PKR 15 billion loan, which was a big deal because it was the first of its kind for a telecom company in Pakistan. This loan has won awards and will help increase the use of special financial tools in Pakistan.
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