Google has introduced a five-year, $1 billion funding in Africa

Google has introduced that it’ll make investments $1 billion in Africa over the subsequent 5 years to make sure that the continent has entry to quick and inexpensive web, in addition to backing corporations to speed up the continent’s digital transformation.

Google made the assertion at a digital occasion when it introduced the formation of an Africa Funding Fund, which is able to make investments $50 million in companies and provides them entry to its employees, community, and applied sciences.

In a digital interview, Nitin Gajria, managing director of Google in Africa, stated that the enterprise would goal startups centered on finance, e-commerce, and native language content material, amongst different issues.

“We’re taking a look at locations the place Google and these companies might have some strategic overlap and the place Google would possibly doubtlessly deliver worth by working with a few of these startups,” Gajria added.

Small enterprises in Africa ceaselessly face difficulties acquiring funding as a result of they lack the requisite collateral that banks require within the occasion of a default. When financing is accessible, the rates of interest are ceaselessly extreme.

Google introduced {that a} program launched final yr in Kenya in cooperation with Safaricom that permits prospects to pay for 4G-enabled telephones in installments shall be expanded throughout Africa alongside cell operators MTN, Orange, and Vodacom.

In line with Gajria, a Google-built underwater cable connecting Africa and Europe ought to be operational within the second half of subsequent yr, rising web speeds by 5 instances and decreasing knowledge prices by as much as 21% in international locations like South Africa and Nigeria.

Google may even contribute $10 million in low-interest loans to small corporations and entrepreneurs in Ghana, Kenya, Nigeria, and South Africa, together with the non-profit Kiva, to assist them get by the financial hardship attributable to COVID-19.

 

Learn extra on Tech Gist Africa:

Google to take a position $50 million in African startups by an equity-based fund

Fb has introduced the winners of the 2021 Group Accelerator Program in Africa

7 African startups have been chosen to take part within the inaugural Final Mile Cash Accelerator

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