Browsing: google kenya

• The continent internet economy can reach $180 billion by 2025, accounting for 5.2 per cent of Africa’s GDP
• Africa’s access to the internet stands at  40 per cent, according to Google
• With more than 1.3 billion people, Africa lags behind the rest of the world in internet connectivity as it has only 22 per cent in connectivity

Africa’s digital economy is expanding quite fast. The continent internet economy can reach $180 billion by 2025, accounting for 5.2 per cent of Africa’s GDP, according to information from IFC.

Doubling down on the latter, by 2050, the projected potential contribution could reach $712 billion, 8.5 per cent of the continent’s GDP (IFC). Internet in Africa is the new gold as it facilitates the growth of technology-driven sectors, transforming communities’ economies.

Internet in Africa is transforming economies of fast-growing countries that also record a large share of internet users in the region, such …

• Kiva will oversee the disbursement of the low-interest loans to help SMEs
• Last week Google announced a plan to invest $1billion over 5 years to support Africa’s digital transformation

Google Kenya has announced a disbursement of $10 million to support the economic recovery of small and medium enterprises across Kenya, South Africa, Ghana, and Nigeria during their virtual Google Kenya event.

A non-profit organisation, Kiva, will oversee the disbursement of the low-interest loans to help the SMEs get through the economic hardship created by COVID-19.

This follows the announcement made at the Google for Africa event last week where CEO of Google and Alphabet, Sundar Pichai, announced the plan to invest $1billion over 5 years to support Africa’s digital transformation.

The investment is expected to focus on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business; and helping non-profits to improve lives across …

The Paris Club (Club de Paris), a group of officials from major creditor countries has approved Kenya’s request for more debt relief to help it ease Covid-19 related financial weight.

Formed in 1956, the Paris Club, which works to find sustainable solutions to payment difficulties experienced by debtor countries, announced earlier this month that it had accepted Kenya’s request for debt-servicing suspension and gave the East African country a six-month leeway (January to June) before it resumes to pay its national debt.

“Kenya is committed to devoting the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis,” said the Paris Club.

Maybe the rest of East Africa can learn from Kenya and take advantage of the G20 bilateral creditors that offer what is called the Debt Service Suspension Initiative (DSSI). Launched last year, the DSSI serves to suspend …