Google plans to take a position $1 billion (roughly Rs. 7,500 crores) in Africa over the following 5 years to make sure entry to quick and cheaper web and can again startups to help the continent’s digital transformation, it mentioned on Wednesday.
The unit of US tech firm Alphabet made the announcement at a digital occasion the place it launched an Africa Investment Fund, by way of which it’s going to make investments $50 million (roughly Rs. 375 crores) in startups, offering them with entry to its workers, community and applied sciences.
In collaboration with not-for-profit organisation Kiva, Google can even present $10 million (roughly Rs. 75 crores) in low curiosity loans to assist small companies and entrepreneurs in Ghana, Kenya, Nigeria and South Africa get by way of the financial hardship created by COVID-19.
“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,” mentioned Sundar Pichai, CEO of Google and Alphabet.
Google mentioned a programme pioneered final yr in Kenya in partnership with Safaricom that permits prospects to pay for 4G-enabled telephones in installments can be expanded throughout the continent with cellular operators akin to MTN, Orange and Vodacom.
The firm has been constructing an undersea cable to hyperlink Africa and Europe, which it says will convey quicker web and decrease connectivity prices.
© Thomson Reuters 2021
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