Google, has announced its plans to invest $1 billion for Digital transformation in Africa. According to the report, this investment project will last for five years. This was announced by Google’s Chief Executive Officer, Sundar Pichai.
“Over the last ten years, we have accomplished great things together. However, we still need to put in more effort to ensure that everyone can access and use the internet at affordable costs in Africa,” he said.
“I am thrilled to reiterate our commitment to the African continent through an investment of $1 billion for the next five years to assist digital transformation in the continent. We hope to cover a lot of initiatives from enhanced connectivity to investment in growing businesses,’ he added.
What Will This $1 Billion Investment Plan Offer To Africans?
According to the Google chief, the investment plan will focus on enabling the provision of cost-effective internet access and supporting the growth of small businesses. This involves assisting businesses with digital transformation.
Google will invest in startups owned by Blacks via the Black Founders Fund. Apart from that, Google has announced its partnership with NPO Kiva to offer $10 million loans for small businesses and startups, with low interests attached. The loans are being offered to such startups to enable them to recover from the Covid-19 pandemic.
Google will invest $50 million in local businesses through the Africa Investment Fund. This investment will involve the provision of access to Google employees within African regions.
The tech giant will also allocate $40 million to non-profit organisations that are making efforts to challenge certain issues across Africa.
Enhanced Use Internet Services In African Regions
With this investment, Google seeks to provide an affordable and efficient internet service setup for African nations. Google says it will continue to work on the Equiano Subsea cable that will connect Africa and Europe. This subsea cable will travel through South Africa, Namibia, Nigeria and St. Helena.
Google also disclosed some of its setups that have improved device affordability and solved infrastructural problems in the continent. This includes Google’s partnership with Safaricom in Kenya. Through their collaboration, Google’s first Device Financing plan to reduce the prices of tech devices was launched.
Google has made significant contributions to the African tech sector in the past few years. Recall that in April this year, the company announced its first AI research centre in Africa.