LAGOS (Bywire News) - On Wednesday, Google revealed its give year plan to invest $1 billion in Africa. The move comes in an attempt to provide access to fast and cheaper internet across the continent, while also supporting internet startups.
The announcement was made during a virtual event, where Google also launched an Africa Investment Fund, where it promised to invest $50 million in start-up companies. The investment will come in the shape of access to its employees, network and technologies.
Google will be working in collaboration with a not-for-profit organisation, Kiva, where they will provide $10 million in low interest loans in support of small businesses and entrepreneurs across Ghana, Kenya, Nigeria and South Africa in an attempt to get through the economic pressure imposed by COVID-19.
The CEO of Google and Alphabet, Sundar Pichai, said, "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."
The tech-based company has been developing an undersea link with Africa and Europe, which it claims will provide faster internet and lower connectivity costs.
(Reporting by MacDonald Dzirutwe; editing by Jason Neely and Klaudia Fior )