BRUSSELS (BELGIUM) – Google is joining hands with the European Investment Fund (EIF) and two similar organisations in Latin America and Asia to provide funding of $75 million to small- and medium-sized firms reeling from the impact of the pandemic.
The funds are part of an $800 million initiative announced in March to tackle the impact of the pandemic.
Google announced on Wednesday it would invest in two EIF funds, giving $15 million in loan capital to 1,000 European SMEs and $10 million in EIF’s venture capital fund supporting 200 life sciences companies.
The EIF forms a part of the European Investment Bank group, which is the lending arm of the EU.
In Latin America, Google will join hands with the Inter-American Development Bank to provide $8 million worth of funds to small companies.
It has also set up a $26 million loan fund with Kiva, an organisation that crowdfunds loans, to boost businesses in Africa, the Middle East and Indonesia.