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Google Plans To Invest $1 Billion In Africa Over The Next Five Years

Google plans to invest $1 billion in Africa over the next five years.

Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent’s digital transformation, it said on Wednesday.

The unit of U.S. tech company Alphabet Inc (GOOGL.O) made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.

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Companies that can have access to this.

Nitin Gajria, managing director for Google in Africa said in a virtual interview that the company would among others, target startups focusing on fintech, e-commerce and local language content.

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Gajria said:

“We are looking at areas that may have some strategic overlap with Google and where Google could potentially add value in partnering with some of these startups,”

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In collaboration with not-for-profit organisation Kiva, Google will also provide $10 million in low-interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa so they can get through the economic hardship created by COVID-19.

Better accessibility to the internet.

Small businesses in Africa often struggle to get capital because they lack the necessary collateral required by banks in case they default. When credit is available, interest rates are usually too high.

Google said a programme pioneered last year in Kenya in partnership with Safaricom that allows customers to pay for 4G-enabled phones in instalments would be expanded across the continent with mobile operators such as MTN, Orange and Vodacom.

Vanessa Waithera
Vanessa Waitherahttps://techmoran.com
Vanessa Waithera is a young writer from Daystar University. She has been a writer for 7 years and enjoys it as a hobby and passion. During her free time she enjoys nature walks, discoveries ,reading and takes pleasure in new challenges and experiences. Contact: [email protected]

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