Google, the US technology giant, announced on Wednesday an $8 million investment to support Israeli tech firms and Palestinian businesses struggling due to the global recession and regional tensions. The initiative aims to bolster startups in Israel and Palestine, focusing on sustaining jobs and fostering growth in the tech sector.
Half of the fund, $4 million, will be dedicated to 20 Israeli startups specializing in artificial intelligence (AI), aiming to enhance the AI ecosystem and provide vital liquidity in a time when Israel’s venture capital investments have seen a 60% decline year-on-year, summing up to $7.3 billion in 2023.
The remaining $4 million is earmarked for Palestinian enterprises. This includes support for 1,000 small businesses and seed grants for 50 Palestinian tech startups. Google’s investment is expected not only to safeguard approximately 4,500 jobs but also to create new employment opportunities in Palestine.
Google’s move reflects a commitment to nurturing the tech industry in a region where economic challenges are compounded by ongoing conflicts. This effort aligns with the company’s broader goals of encouraging continuous financing and supporting emerging technologies in the global market.