O Google announced that it will invest USD XNUMX billion over a five-year period to support digital transformation in Africa.
During Google's first virtual event for Africa this week, Sundar Pichai, CEO of Google and Alphabet, said the investment will include landing the submarine cable Equiano, which the company believes will enable faster internet speeds and lower connectivity costs.
In this context, the financial reinforcement should support Equiano, which will pass through South Africa, Namibia, Nigeria and Saint Helena and will connect the continent to Europe.
Pichai added that the investment also includes low-interest loans to help small businesses and equity investments in African startups.
Google added that it will use a Black Founders Fund to invest in African-led startups "providing cash prizes and hands-on support."
Google also released details of an Africa Investment Fund. Through this fund, the company will invest $50 million in startups and provide them with access to Google's employees, network and technologies to help them create meaningful products for their communities.
"In collaboration with the non-profit organization Kiva, Google is providing $10 million in low-interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa overcome the economic hardship created by COVID-19."
"Google.org is expanding its commitment to supporting non-profit organizations working to improve lives across Africa, with $40 million to help more partners who are responding to the challenges they see firsthand in their communities – innovators like Makerere University's Airqo team, which uses AI and sensors to monitor poor air quality, a leading cause of premature death. Google will also invest $3 million in new grants to expand Kampala's pioneering work in 10 cities in 5 countries across the continent."
Pichai said: "We've made great strides together over the past decade - but more work needs to be done to make the Internet accessible, accessible and useful for all Africans."
Google believes that Internet access is also hampered by the accessibility of smartphones. Android has developed a device lock technology as part of the Android platform that will allow partners to offer funded devices.
To that end, Google has also announced collaboration with Safaricom in Kenya to launch what companies describe as the first plan of “device financing” in the East African country.
