Alphabets subsidiary [NASDAQ: GOOGL] Google is collaborating with the European Investment Fund (EIF) and two different organizations in Latin America and Asia. The aim of the collaboration is to give $75 million in financial support to small and medium-sized enterprises experiencing the effect of COVID-19.
The funds are part of an $800 million activity that the company declared in March a year ago because of the pandemic.
Google said that it would put resources into two EIF reserves. The company will give $15 million in credit cash-flow to 1,000 European private companies. Additionally, The $10 million will be given to EIF’s investment capital fund backing 200 life sciences organizations.
The EIF is part of the European Investment Bank group, the loaning arm of the European Union. In Latin America, Google will work with the Inter-American Development Bank to assign $8 million to small organizations.
It has additionally set up a $26 million credit fund with Kiva. The additional loan is to help organizations in Africa, the Middle East, and Indonesia. Moreover, Indian organizations will get $15 million.