BREAKING NEWS

    $1 Billion to be Capitalized in Africa by Google in a bid to enhance Internet access to Finance startups concentrated on Africa’s Digital Transformation

    Posted On 08 Oct 2021
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    Comments: 12

    By Abdul Rahman Bangura–

    Photo Credit: Unsplash

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The search engine giant, a unit of Alphabet Inc., inaugurated the Africa Investment Fund, that will subsidize $50 million in startups and empower those corporations with access to Google employees, its network, and other technologies.

    In partnership with the nonprofit organization Kiva, Google announced, it will contribute $10 million in low-interest loans to enable small business entrepreneurs in Ghana, Kenya, Nigeria, and South Africa get economic dilemmas effected by the COVID-19 pandemic.

    “Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” Google and Alphabet CEO Sundar Pichai announced in a statement October 06th, 2021.

    The statement shows up as Google works toward assembling an undersea cable link to Africa and Europe, which will give rise to faster internet access and reduce connectivity costs in nations like Nigeria and South Africa, according to sources.

    Google’s additional activities on the African landmass comprise partnering in 2020 with Kenya-based company Safaricom to enable customers to purchase 4G-enabled phones in installments. That program is anticipated to be broadened across the mainland of Africa.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
    1. Paul October 8, 2021 at 3:15 am Reply

      Bravo to google, hope other high end tech companies emulate what you doing for our great Continent. Nairobi KENYA. Paul

    2. Frank October 8, 2021 at 3:18 am Reply

      Happy new unlimited subscriber of new Africa business news. Thank you. Berlin in Germany. Frank

    3. Samuel October 8, 2021 at 3:20 am Reply

      Am a subscriber of your online newspaper and recommend it to my friends and family. Abuja Nigeria. Samuel

    4. Grace October 8, 2021 at 3:23 am Reply

      Thank you for the daily newsletters. You are one of the best online newspaper. Juba South Sudan. Grace

    5. James October 8, 2021 at 3:25 am Reply

      The Bangura, thank you always for the reports, with your teams. Paris in France. James

    6. Kim October 8, 2021 at 3:29 am Reply

      Love your daily newsletters. Thank you for covering the whole Continent of Afrika. Luanda in Angola. Kim

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