By Foo Yun Chee
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.
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 EIF’s venture capital fund backing 200 life sciences companies.
In Latin America, Google will work with the Inter-American Development Bank to allocate $8 million to small companies.
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.
(Reporting by Foo Yun Chee; editing by Barbara Lewis)