Google has partnered with the European Investment Fund and organisations in Latin America and Asia to disburse $75 million in financial aid to small and medium enterprises that are affected by the Covid-19 pandemic.
The grant is part of an $800m commitment the Alphabet-owned company announced in March to support businesses that were affected by the pandemic.
The search engine company will invest in two EIF funds – $15m in loan capital that will support more than 1,000 European small businesses and $10m in a venture capital fund that will help nearly 200 life sciences companies.
Part of the European Investment Bank group, the Luxembourg-based EIF does not directly lend money to SMEs but provides loans through private banks and funds.
“We set out to partner with organisations who share our desire to empower small businesses in underserved communities, which are often overlooked by traditional lenders,” Juan Rajlin, vice president and treasurer of Alphabet and Google, said.
“We have partnered … with the belief that public-private partnerships can provide creative solutions to meet the needs of small businesses in this critical time.”
Nearly 55 per cent of small and medium businesses around the world reported lower sales last October compared with the same month in 2019 after facing disruptions caused by Covid-19, according to a survey by Facebook, the World Bank and the Organisation for Economic Co-operation and Development
In Latin America, Google has teamed up with the Inter-American Development Bank to distribute $8m to eligible businesses in the region.
“Two out of three workers in Latin America are employed by a small business, which makes their success one of the most essential elements for economic recovery in the region,” Mr Rajlin said.
Google is also working with global non-government partners to provide resources to businesses.
It has set up a $26m loan initiative with San Francisco-based Kiva, which allows people to lend money through the internet to low-income entrepreneurs in 77 countries, to facilitate businesses in Africa, Middle East and Indonesia.
Both entities will work together to create “financial solutions” to support “thousands of small businesses” in 10 countries, Mr Rajlin said.
Google has also announced a separate $1m grant to help Kiva build capacity for local partnerships.
In India, the company will invest $15m to fund SMEs and is in discussions with local partners. It will also provide $1m to the Ogen-Israel social loan fund that gives low-interest loans to micro and small businesses in Israel.
Google also announced last month that it was setting up a grant of more than $150m to promote awareness about the Covid-19 vaccine and ensure its equitable distribution.
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The Case For Trump
By Victor Davis Hanson
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
UAE currency: the story behind the money in your pockets
