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Google to invest $75 mln in coronavirus-hit small businesses

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By Foo Yun Chee

BRUSSELS, Feb 17 (Reuters) - Google is teaming up with theEuropean Investment Fund (EIF) and two other organisations inLatin America and Asia to provide $75 million in funding tosmall- and medium-sized companies suffering from the impact ofCOVID-19.

The funds are part of an $800 million initiative announcedin March last year in response to the pandemic.

Google, a unit of Alphabet, said on Wednesday thatit would invest in two EIF funds, giving $15 million in loancapital to 1,000 European small businesses and $10 million inEIF's venture capital fund backing 200 life sciences companies.

The EIF is part of the European Investment Bank group, thelending arm of the European Union.

In Latin America, Google will work with the Inter-AmericanDevelopment Bank to allocate $8 million to small companies.

It has also set up a $26 million loan fund with Kiva, anorganisation that crowdfunds loans, to help businesses inAfrica, the Middle East and Indonesia. Indian companies will get$15 million.(Reporting by Foo Yun Chee; editing by Barbara Lewis)