Alphabet Inc’s [NASDAQ: GOOGL] Google has disclosed its plan to invest $1 billion in Africa over the next five years. Google is intending to guarantee access to fast and cheaper internet and will back startups to back the digital revolution of the continent. Google also developing an undersea cable to link Africa and Europe, which it disclosed will bring faster internet and lower connectivity costs.
Google has made the huge announcement of investment at a virtual event where it introduced an Africa Investment Fund, through which it will invest $50 million in startups. It will offer them access to its employees, network, and technologies.
Furthermore, Google also disclosed that its partnership with not-for-profit organization Kiva will also offer $10 million in low-interest loans to back small businesses and entrepreneurs in Ghana, Kenya, Nigeria, and South Africa get through the economic hardship created by COVID-19.
In addition, Google disclosed that a program initiated last year in Kenya in collaboration with Safaricom that enables customers to pay for 4G-enabled phones in installments would be extended across the continent with mobile operators such as MTN, Orange, and Vodacom.