Prime Minister Imran Khan’s efforts to attract foreign investment have started yielded results as tech giant Facebook has announced its first-ever investment in Pakistan.
The American firm has partnered with Nayatel to invest in fiber broadband to improve and expand connectivity in the country.
High-speed, reliable, and affordable broadband has become a basic household necessity as the coronavirus pandemic continues to affect millions across the globe.
Nayatel will deploy new fiber networks to serve as the backbone infrastructure for 4G/5G mobile and fixed broadband, which is a key driver of economic growth and job creation.
Under this partnership, Nayatel will own, build, maintain, and operate a new fiber network and provide wholesale capacity to mobile operators and ISPs, and Facebook will invest in the fiber build and support network planning.
This high-speed fiber will connect thousands of sites by 2022, and improve capacity and the geographical reach of internet access to approximately 10 to 15 million people across 8 major cities in Pakistan, said Nayatel in a statement.
By investing and supporting the building of networks, Facebook is helping operators leverage fiber infrastructure to improve access to affordable broadband.
This initiative is the first of its kind for Facebook in Pakistan and represents a broader strategy of investing in the country and improving connectivity in the region.
The leader social media giant had an open offer to all Pakistan firms for its venture. But, the Nayatel came forward and materalised the offer.
The investment is outcome of PM Khan’s meetings with Facebook’s Chief Operating Officer Sheryl Sandberg when the former always discussed matters related to investment in Pakistan.
In October last year, the Pakistani premier held virtual meeting with Sheryl Sandberg to discuss Facebook’s investments in Pakistan.
The Prime Minister had welcomed Facebook’s investments and programs in Pakistan and encouraged them to increase their footprint.