Google to invest $1 billion in Africa over five years| Subsea cable to enable faster internet speeds
Google has pledged to invest one billion dollars in Africa over the next five years to support the continent's digital transformation. The internet, giant's investment will be aimed at providing access to fast and cheaper internet and will also back startups and provide 10 million dollars in low-interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria, and South Africa.Google is to invest big in Africa. It's Pledged a billion dollars over the next five years and wants to ensure access to faster and cheaper internet, as well as backing startups fueling the continent's digital transformation. The unit of U.S tech company alphabet made the announcement at a virtual event this week, where it launched an Africa investment fund. It plans to invest 50 million dollars in startups, providing them with access to google employees, networks, and technologies. Google, Africa, director nitin gautria Said:- We are specifically looking at fintech logistics, e-commerce, local language content, but again we're not limiting ourselves. These verticals we're really looking at this across a number of verticals we're looking at areas that might have some strategic overlap with google and where google could potentially add value in partnering. With some of these Startups. Small businesses in Africa often struggle to get capital because they lack the collateral required by banks in case they default in collaboration with a not-for-profit organization. Kiva. Google will also provide 10 million dollars in low-interest loans to help smaller outfits and entrepreneurs, with a focus on those in ghana, Kenya, Nigeria, and South Africa. Google said a program pioneered last year in Kenya, With Safaricom, would be expanded across the continent. It allows customers to pay for 4g, enabled phones in installments gadria, added that an undersea cable being built by Google to link Africa and Europe should come into service in the second half of next year.