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. The company 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. The core focus would be fintech, e-commerce and local language content.
Sundar Pichai, CEO of Google and Alphabet, said, “Google is building global infrastructure to help bring faster internet to more people and lower connectivity costs. The subsea cable Equiano will run through South Africa, Namibia, Nigeria and St Helena and connect the continent with Europe.
“Internet access is also hampered by the affordability of smartphones. Android has developed a device locking technology as part of the Android platform that will enable partners to offer financed devices. Google has collaborated with Kenya’s largest carrier Safaricom to support the launch of the first “Device Financing” plan in Kenya, and will expand this initiative across Africa with partners like Airtel, MTN, Orange, Transsion Holdings and Vodacom, and more. These partnerships will help millions of first-time smartphone users gain access to quality, affordable Android smartphones.”
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“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 $1B over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” he added
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