Google Outlines Digital Transformation Plans In Africa

  • Alphabet Inc GOOG GOOGL Google announced a plan to invest $1 billion over five years to support digital transformation in Africa. 
  • The investment includes landing the subsea cable and low-interest loans to help small businesses, amongst other programs.
  • It will cover a range of initiatives, from improved connectivity to investments in startups.
  • Google will invest in projects across the continent, including Nigeria, Kenya, Uganda, and Ghana.
  • The subsea cable will cut across South Africa, Namibia, Nigeria, and St Helena, connecting Africa and Europe.
  • Google also launched the Africa Investment Fund, investing $50 million in startups across the continent.
  • Google will also 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 non-profit lending organization.
  • Price Action: GOOG shares traded lower by 1.01% at $2,696 premarket on the last check Wednesday.
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