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Africa: Internet Boost for Continent as Google Announces U.S.$ 1 Billion Investment

Cape Town — Google has announced plans to invest U.S.$1 billion over five years to support Africa’s digital transformation. The tech giant said that the investment will focus on enabling fast, affordable internet access for more Africans, building helpful products, supporting entrepreneurship and small business, and helping non-profit organizations to improve lives across the continent.

The announcement was made at Google’s first-ever Google for Africa event, held virtually and live-streamed.

“We have made huge strides” but more work is needed to make “internet accessible, affordable and useful for every African. Today I’m excited to reaffirm our commitment to the continent through an investment of $1bn over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” said CEO of Google and Alphabet, Sundar Pichai.

The tech giant is also building a subsea cable – Equiano – to help bring faster internet to more people and lower connectivity costs. The cable will run along the coasts of South Africa, Namibia, Nigeria, and St Helena and connect the continent with Europe.  The investment will also provide low-interest loans to help small businesses and equity investments in African startups, Google said in a statement.

In addition, Google’s five-year investment will further include an Africa Investment Fund through which it will invest U.S.$50 million in startups and provide them with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.

The company said it would additionally disburse U.S.$10 million in low-interest loans to small businesses in Nigeria, Ghana, Kenya, and South Africa, to alleviate hardships brought about by the Covid-19 pandemic. This  will be managed by Kiva, a California-based non-profit microfinance company.

The announcement expands Google’s ongoing support for Africa‘s digital transformation and entrepreneurship. In 2017, Google launched its Grow with Google initiative with a commitment to train 10 million young Africans and small businesses in digital skills. To date, Google has trained over six million people across 25 African countries, with over 60 percent of participants experiencing growth in their career and/or business as a result.

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