JERUSALEM, Jan. 24 (Xinhua) -- U.S. technology giant Google on Wednesday announced that it will invest 8 million U.S. dollars to support cash-strapped Israeli tech firms and Palestinian businesses.
Four million dollars will be allocated to 20 Israeli startups in the artificial intelligence (AI) fields, while another 4 million will go to Palestinian startups and businesses to help them continue operating.
The statement noted that amid the global recession and the ongoing conflict with Hamas, Israel's venture capital investments decreased by 60 percent year-on-year, totaling 7.3 billion dollars in 2023.
It added that Google aims to help the selected startups maintain liquidity, encourage ongoing financing, and strengthen the AI ecosystem in Israel.
The rest 4 million will be used as funds for 1,000 Palestinian small businesses, and seed grants to 50 Palestinian tech startups.
Google said it hopes to help safeguard 4,500 jobs and create new ones for Palestinians. ■
