$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
By Abdul Rahman Bangura–
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.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent