Google is teaming up with the European Investment Fund (EIF) and two other organisations in Latin America and Asia to present $75 million (approximately Rs. 545 crore) in funding to smaller- and medium-sized corporations struggling from the affect of COVID-19.
The money are element of an $800 million (approximately Rs. five,820 crores) initiative announced in March final yr in response to the pandemic.
Google, a unit of Alphabet, stated on Wednesday that it would invest in two EIF money, offering $15 million (approximately Rs. 110 crores) in loan capital to one,000 European smaller firms and $ten million (approximately Rs. 73 crores) in EIF’s venture capital fund backing 200 lifestyle sciences corporations.
The EIF is element of the European Investment Financial institution group, the lending arm of the European Union.
In Latin America, Google will perform with the Inter-American Growth Financial institution to allocate $eight million (approximately Rs. 58 crores) to smaller corporations.
It has also set up a $26 million (approximately Rs. 190 crores) loan fund with Kiva, an organisation that crowdfunds loans, to aid firms in Africa, the Middle East and Indonesia. Indian corporations will get $15 million (approximately Rs. 110 crores).
© Thomson Reuters 2021
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