Google has recently announced that it would be investing $1 billion into Africa in support of digital transformation. The investment will include landing a subsea cable into the continent, low-interest loans for small businesses, skills and training development, as well as equity investments into African startups.
As said by Google:
“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 for Africa
With the aim of making the internet more helpful to people, businesses, and organisations in Africa, Google has emphasised its investment into the continent as a mark of high priority.
To help unlock the benefits of the digital economy for those in Africa, the investment will be injected across:
- Nigeria
- Kenya
- Uganda
- Ghana
- South Africa
20X More Network Capacity
The subsea cable will cut across SA, Namibia and Nigeria, connecting Africa and Europe. According to Nitin Gajira, the MD for Google in Africa, the subsea cable will provide 20X more network capacity compared to the last cable built to serve Africa.
“This will lead to a 21% reduction in internet prices and increase internet speed in Nigeria and almost triple in South Africa.”
The Africa Investment Fund
Google also announced the launch of its Africa Investment Fund. This involves an investment of $50 million in start-ups across the continent which will provide businesses with access to Google’s employees, network and technologies to help build meaningful products for their communities.
Alleviating Hardships Spawned by COVID-19
Additionally, the company said that it will be disbursing $10 million in low-interest loans to small businesses in Nigeria, Ghana, Kenya and South Africa in an attempt to alleviate the hardships brought about by the pandemic.
“I am so inspired by the innovative African tech startup scene. In the last year we have seen more investment rounds into tech startups than ever before. I am of the firm belief that no one is better placed to solve Africa’s biggest problems than Africa’s young developers and startup founders. We look forward to deepening our partnership with, and support for, Africa’s innovators and entrepreneurs.” -Gajria.
