Google plans to speculate $1 billion (roughly Rs. 7,500 crores) in Africa over the subsequent 5 years to make sure entry to quick and cheaper web and can again startups to assist 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 Funding Fund, by means 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 may 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 means of the financial hardship created by COVID-19.
“As we speak I am excited to reaffirm our dedication to the continent by means of an funding of $1 billion over 5 years to assist Africa’s digital transformation to cowl a spread of initiatives from improved connectivity to funding in startups,” mentioned Sundar Pichai, CEO of Google and Alphabet.
Google mentioned a programme pioneered final 12 months in Kenya in partnership with Safaricom that enables clients to pay for 4G-enabled telephones in installments could be expanded throughout the continent with cellular operators corresponding to MTN, Orange and Vodacom.
The corporate 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