(JustPatriots.com)- Software and technology giant Google is all set to invest as much as $1 billion in Africa over the next five years as part of a project to provide fast and cheap internet services to poor communities. The company announced on Wednesday that money will be used to back startups that will help turn Africa into a digital continent.
Google, which is a company under the Alphabet Inc umbrella company, announced during a virtual conference that the new Africa Investment Fund will see a $50 million donation given to startup companies to help them hire employees, build networks and establish new technologies in the continent.
Google Africa’s Managing Director Nitin Gajria told the press that Google will be joining other tech companies to promote fintech, local language content, and e-commerce startups.
“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,” he said.
As part of the new Africa project, Google will be working with a non-profit organization named Kiva. Some $10 million will also be provided in low-interest loans to businesses in Nigeria, Kenya, and Ghana, as well as South Africa. The loans are designed not just to help the businesses grow, but more specifically, to help them get through the economic troubles caused by the COVID pandemic.
Google also said that a previous program like this that was established in Kenya last year helped people pay for 4G mobile phones in installments and that its successful rollout will now be extended with networks Vodacom, Orange, and MTN.
This kind of investment is an example of how American capitalism benefits the world. More than just providing economic resources on which people can survive, this huge financial investment in Africa may allow the continent to stand on its own two feet and become a real player in the world.