Google to speculate $1 billion in Africa over 5 years

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LAGOS, Oct 6 (Reuters) – Google plans to speculate $1 billion in Africa over the following 5 years to make sure entry to quick and cheaper web and can again startups to assist the continent’s digital transformation, it stated on Wednesday.

The unit of U.S. tech firm Alphabet Inc (GOOGL.O) made the announcement at a digital occasion the place it launched an Africa Investment Fund, by means of which it would make investments $50 million in startups, offering them with entry to its staff, community and applied sciences.

In collaboration with not-for-profit organisation Kiva, Google may even present $10 million 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.

“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,” stated Sundar Pichai, CEO of Google and Alphabet.

Google stated a programme pioneered final 12 months in Kenya in partnership with Safaricom that permits clients to pay for 4G-enabled telephones in instalments could be expanded throughout the continent with cellular operators comparable 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.

Reporting by MacDonald Dzirutwe; modifying by Jason Neely

 The brand logo of Alphabet Inc's Google is seen outside its office in Beijing, China August 8, 2018.  Picture taken with a fisheye lens. REUTERS/Thomas Peter/File Photo

A sign is seen at the entrance to the Google retail store in the Chelsea neighborhood of New York City, U.S., June 17, 2021. REUTERS/Shannon Stapleton

 The brand logo of Alphabet Inc's Google is seen outside its office in Beijing, China August 8, 2018.  Picture taken with a fisheye lens. REUTERS/Thomas Peter/File Photo