• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Google to invest $1 billion in Africa over five years

October 6, 2021 by David Barret Leave a Comment

October 6, 2021

LAGOS (Reuters) -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 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.

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

“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,” Gajria said.

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.

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.

Gajria said an undersea cable being built by Google to link Africa and Europe should come into service in the second half of next year and is expected to increase internet speeds by five times and lower data costs by up to 21% in countries like South Africa and Nigeria.

(Reporting by MacDonald Dzirutwe; editing by Jason Neely, Kirsten Donovan)

Source Link Google to invest $1 billion in Africa over five years

David Barret
David Barret

Related posts:

  1. Open source backend-as-a-service startup Supabase raises $30M
  2. Apollo to sell Italy’s Amissima Vita to life insurer Athora
  3. Turkish central bank surprises with rate cut sought by Erdogan
  4. Factbox: How COVID-19 in Southeast Asia is threatening global supply chains

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Rapa Nui’s Famous Moai Statues Really “Walked” – Physics Confirms It
  • Could Dogs Be Taught To Talk With Language? This Lab Wants To Find Out
  • SETI Paper Responds To Claims Interstellar Object 3I/ATLAS Might Be An Alien Spacecraft
  • Rare Chance To See “Pink Meanie” Jellyfish With 20-Meter Tentacles Blooming Off Texas
  • Stranded Dolphins’ Brains Show Signs Of Alzheimer’s-Like Disease
  • Natural Sweetener Stevia Could Help Bolster Common Hair Loss Treatment
  • “Dig Deep, And Persevere”: Number 16, The World’s Longest-Lived Spider, Died Aged 43
  • IFLScience The Big Questions: What Is Time And How Do We Measure It?
  • Marty Goddard: The History Of The Sexual Assault Kit
  • What’s Really Lurking In The Deep Dark Waters Of Loch Ness?
  • Another Comet 3I/ATLAS Record Got Us Asking: How Do We Know An Object Is Interstellar?
  • Scientists Read The Shells Of Clams That Live For 500 Years, And They Tell A Troubling Story
  • New Blood Test Offers Potential For “Simple, Accurate” ME/CFS Diagnosis, Researchers Claim – Other Experts Aren’t So Sure
  • In 1927, A Physicist Conducted A Mass Psychic Experiment Involving 25,000 People
  • Check Out This “Truly Exceptional” Fossil Of A Two-Headed Reptile That Lived 125 Million Years Ago
  • Longest Woolly Rhino Horn Ever Recovered Just Popped Out Of The Siberian Permafrost
  • Deer Can Learn Commands Like “Come”, But The Most Restless Ones In Class Take Longer To Learn
  • Is This Evidence Of The “Oldest Human Habit”? A New Study Has Different Ideas
  • Winds On Mars Are Faster Than Thought, Analysis Of 1,039 Dust Devils Shows
  • 400,000-Year-Old Fossil Shows Butchering Elephants Helped Early Humans To Supersize Their Tools
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version