Google announced on Wednesday that it will inject eight million dollars to support Israeli and Palestinian technology companies facing financial challenges during the ongoing conflict in the aftermath of Operation Guardian of the Walls, according to Reuters.
Owned by Alphabet Inc., Google stated that it will back emerging Israeli companies in the field of artificial intelligence with four million dollars and allocate a similar amount to Palestinian companies to help them sustain their operations.
In a statement, Google mentioned, ‘In the current situation, quite a few start-ups in Israel find it challenging to raise capital from investors and urgently need a financial bridge to continue their work.’
The tech giant offered assistance to maximize the success prospects for about 20 emerging companies in artificial intelligence solutions and services. Additionally, Google will provide loans and grants to 1,000 small Palestinian businesses in partnership with local and international non-profit organizations.
Furthermore, Google plans to offer initial funding grants to 50 tech start-ups in the Palestinian territories, aiming to safeguard a total of 4,500 job opportunities and create new ones for Palestinians.
In addition to supporting local tech ecosystems, Google has also donated millions of dollars to Israeli emergency efforts and humanitarian relief in Gaza.
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