Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent's digital transformation, it said on Wednesday.
made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.
"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," Gajria said. Small businesses in Africa often struggle to get capital because they lack the necessary collateral required by banks in case they default. When credit is available, interest rates are usually too high.
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