Google to invest $1 billion in Africa to boost internet access
Search giant Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet.
The investment which aims at improving the continent’s internet connectivity and support startup businesses will include landing a subsea cable into the continent to enable faster internet speeds, low-interest loans for small businesses, equity investments into African startups, skills training and more.
The of US tech company made the announcement during its first Google for Africa event which was held on Wednesday, October 6, 2021 a virtual event where it launched an Africa Investment Fund.
The investments will come in different formats, including a $50 million fund for startups and grants to nonprofits.
Google and Alphabet CEO Sundar Pichai who unveiled the plans said “We’ve made “huge strides together over the past decade but there’s more work to do to make the internet accessible, affordable and useful for every African. Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation, to cover a range of initiatives from improved connectivity to investment in startups.”
Google said it will inject the investment in projects to be implemented in countries across the continent, which includes Ghana, Nigeria, Kenya, and Uganda.
In addition, Google’s Africa Investment Fund will see the tech company invest the sum of $50 million in various African startups, whilst availing them access to technical, network and employee support. The aim is to help these startups to build meaningful products to will provide solutions for their communities
Google.org will also provide a $40 million support innovative nonprofits whose work contribute towards improving the quality of life across the African continent.
It is projected to create about 1.7 million jobs in Nigeria and South Africa by 2025 as the digital economy grows.
