Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent’s digital transformation, it said on Wednesday.

The unit of U.S. tech company Alphabet Inc made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.

In collaboration with not-for-profit organisation Kiva, Google will also provide $10 million in low interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa get through the economic hardship created by COVID-19.

“Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” said Sundar Pichai, CEO of Google and Alphabet.

Google said a programme pioneered last year in Kenya in partnership with Safaricom that allows customers to pay for 4G-enabled phones in instalments would be expanded across the continent with mobile operators such as MTN, Orange and Vodacom.

The company has been building an undersea cable to link Africa and Europe, which it says will bring faster internet and lower connectivity costs.