Google will invest $1 billion in Africa to help it transform into a digitally connected society
Google will invest $1 billion in Africa to help it transform into a digitally connected society
Google announced a one-billion-dollar investment over five years to support Africa's digital transformation efforts. During Google's first Google for Africa event, which was held virtually and streamed live on the internet, they made the announcement.
Earlier today, Sundar Pichai, the CEO of Google and Alphabet, announced a planned $1 billion investment in the company.
In addition, the strategy will include initiatives such as enabling individuals and businesses to gain access to affordable internet access, developing useful products, investing in entrepreneurialism and technology, empowering businesses to embark on digital transformations, and funding nonprofit organizations.
The investment will include the installation of the Equiano subsea cable, which will allow for faster internet speeds and lower connectivity costs as a result of the investment. As well as equity investments in African startups, it also includes low-interest loans to help small businesses get started.
Sundar Pichai, the CEO of Google and Alphabet, made the following statement:
"Together, we've made tremendous progress over the last decade, but there is still much more work to be done to make the internet accessible, affordable, and useful to every African citizen and business owner. The announcement of a $1 billion investment over five years to support Africa's digital transformation, which will include initiatives such as improved connectivity and startup investment, fills a void in our previous commitment to Africa."
As a part of its ongoing support for Africa's digital transformation and entrepreneurialism, Google has made this announcement as part of its Google for Africa initiative.
In 2017, Google launched its Grow with Google initiative, with the goal of digitally training 10 million young Africans and small businesses by the end of 2018.
In addition, Nitin Gajria, the company's Managing Director for Africa, stated:
"I am constantly motivated and inspired by Africa's cutting-edge technology startup scene. Last year saw a record number of investment rounds into technology startups, surpassing all previous records. Young developers and startup founders in Africa, I believe, are the best-equipped group of people to address the continent's most pressing issues in the coming years. We look forward to expanding our collaboration with and support of Africa's innovators and entrepreneurs in the coming years.."
To date, Google has trained more than 6 million people in 25 African countries, with more than 60% of participants reporting increased career and/or business opportunities as a result of their training.
Aside from that, Google has invested more than $16 million in more than 50 nonprofit organizations across Africa, enabling hundreds of millions of Africans to connect to the internet for the first time through the Android platform.
Stella Tembisa Ndabeni-Abrahams, South Africa's Minister of Small Business Development, made the following remarks at the event:
"As a result of the outbreak of Covid-19, I am pleased to report that Google has taken a proactive approach to assisting Small and Medium-Sized Enterprises, allocating additional resources to this sector. Nearly 500,000 African businesses received assistance from Google in the last year to get online and reach new customers."
In Conclusion
Since 2012, the Google Arts & Culture team has worked with cultural institutions all over the world to preserve and promote their collections through the creation of a free online platform that is accessible to anyone in the world.
It has resulted in the creation of hundreds of expertly curated stories about Africa, written by Africans for Africans. This includes a new initiative called 'Cradle of Creativity,' which is dedicated to Africa's creative history and heritage and is dedicated to the continent's creative history and heritage.
Over 500 high-resolution images, sixty expertly curated stories with audio narrations, and Street View virtual tours are available for visitors from around the world to explore thanks to a collaboration with Nigerian institution Yemisi Shyllon Museum of Art and South African institution Origins Centre. These resources help to showcase Africa's creative talent and cultural heritage.
