Google declared its plan to invest $1 billion in Africa over the next 5 years to support its “digital transformation” which would ensure a faster and cheaper internet and provide low interest-loans for small businesses.
The announcement was made through a virtual event, headed by Google and Alphabet CEO Sundar Pichai, where it launched an Africa Investment Fund. Pichai said they have made huge strides over the past decade, and that the company could add potential value to the startups.
Google is also looking to collaborate in other projects across the continent, such as Kenya, Nigeria, Ghana and Uganda to aid aspiring entrepreneurs in their economic hardships against COVID-19.
Managing director for Google Africa Nitin Gajria said that an undersea cable being built to link Africa and Europe would lower data costs by 21%.
In Nigeria and South Africa, almost 1.7 million jobs would be created by 2025 as the digital economy grows.
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