Google makes $1B Africa investment inclusive of subsea cable
Large internet companies can benefit greatly from growth through providing services in the developing world. Google will be investing $1 billion over five years to facilitate “digital transformation” across Africa. Google will invest in projects in countries across the continent including Nigeria, Kenya, Uganda and Ghana. This investment includes landing a subsea cable between Europe and the continent for faster internet speeds, low-interest loans for small businesses, equity investments into African startups, skills training etc. 1.7 million jobs are expected to be created in Nigeria and South Africa by 2025 as the digital economy grows. Google has launched the Africa Investment Fund, where it will invest $50 million in start-ups across the continent. Google will disburse $10 million in low-interest loans to small businesses in Nigeria, Ghana, Kenya and South Africa in partnership with Kiva, a San-Francisco based nonprofit lending organization. It has pledged $40 million to nonprofits improving lives in Africa.