FILE PHOTO: Letters spell the word \"Alphabet\" as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. REUTERS\/Pascal Rossignol<\/p>\n
BRUSSELS (Reuters) - Google is teaming up with the European Investment Fund (EIF) and two other organisations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19.<\/p>\n
The funds are part of an $800 million initiative announced in March last year in response to the pandemic.<\/p>\n
Google, a unit of Alphabet, said on Wednesday that it would invest in two EIF funds, giving $15 million in loan capital to 1,000 European small businesses and $10 million in EIFs venture capital fund backing 200 life sciences companies.<\/p>\n
The EIF is part of the European Investment Bank group, the lending arm of the European Union.<\/p>\n
In Latin America, Google will work with the Inter-American Development Bank to allocate $8 million to small companies.<\/p>\n
It has also set up a $26 million loan fund with Kiva, an organisation that crowdfunds loans, to help businesses in Africa, the Middle East and Indonesia. Indian companies will get $15 million.<\/p>\n
Reporting by Foo Yun Chee; editing by Barbara Lewis<\/p>\n
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Google to invest $75 million in coronavirus-hit small businesses - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" FILE PHOTO: Letters spell the word \"Alphabet\" as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. REUTERS\/Pascal Rossignol BRUSSELS (Reuters) - Google is teaming up with the European Investment Fund (EIF) and two other organisations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19. The funds are part of an $800 million initiative announced in March last year in response to the pandemic. Continue reading