VEON Group, the parent company of Banglalink, has proposed an initial investment commitment of $250 million in Bangladesh under a public-private initiative aimed at attracting $1 billion in foreign direct investment (FDI), as the global digital operator seeks to expand its presence in the country’s digital economy.
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 Dhaka on Monday, according to a Banglalink press release.
VEON outlined plans to establish a digital finance ecosystem in Bangladesh by introducing digital banking, microfinance and micro-insurance services to expand financial inclusion for underserved communities and small businesses while supporting the country’s digital economy.
The Nasdaq-listed company also presented the framework for the proposed “Invest in Bangladesh NOW” initiative, a public-private partnership to be developed with the government, including the Ministry of Posts, Telecommunications and ICT. Under the proposal, VEON would serve as the anchor investor with an initial commitment of $250 million as part of a broader programme intended to mobilise $1 billion in FDI.
The proposed investment would focus on next-generation digital infrastructure, digital banking, mobile financial services (MFS), artificial intelligence (AI) and advanced connectivity. VEON also plans to leverage its global network to encourage other international investors to explore opportunities in Bangladesh’s expanding digital economy.
“We are a long-term partner in Bangladesh’s journey toward becoming a trillion-dollar economy,” Fabela said.
“Through the ‘Invest in Bangladesh NOW’ initiative, VEON is prepared to serve as the anchor investor in an ambitious programme designed to help attract $1 billion in foreign direct investment.”
Posts, Telecommunications, Information Technology and Science and Technology Minister Faqir Mahbub Anam, Prime Minister’s Adviser on Posts, Telecommunications, Information Technology and Science and Technology Rehan Asif Asad, VEON Board Member Michiel Soeting, Banglalink CEO Johan Buse and Banglalink Chief Corporate and Regulatory Affairs Officer Taimur Rahman also attended the meeting.
Buse said Banglalink remains committed to working with the government to accelerate Bangladesh’s digital and financial transformation through continued investment, innovation and strategic collaboration. He said the operator aims to expand access to digital and financial services after helping make mobile connectivity accessible to millions of Bangladeshis.
Looking ahead, VEON and Banglalink plan to explore opportunities in digital banking, education, healthcare, agriculture, ride-sharing, Internet of Things (IoT) solutions and advanced connectivity technologies, including Starlink’s direct-to-cell service.
The proposed investments form part of VEON’s broader strategy to deepen its digital footprint in Bangladesh beyond telecommunications, subject to discussions with the government and the implementation of the proposed investment framework.
