Russian tech giant set for big investment in Africa

Ride-hailing service Yango, owned by Russian tech major Yandex, has announced a substantial investment in Ivory Coast (Cote d’Ivoire), news outlet Apanews reported on Wednesday.   

The company will invest over $300 million in the development of its Ivorian subsidiary as it plans to launch further digital services in the coming years, the outlet said. The initiative is designed to enable entrepreneurs to develop their businesses and is also expected to create jobs for local transport companies.  

According to the outlet, the digital platform will provide drivers with new income opportunities, while ensuring safe and convenient transport for thousands of passengers across the country.  

“Our belief in technology as a central force for Africa’s future remains strong,” said the company’s manager in Ivory Coast, Kadotien Soro, adding that the Russian tech major is constantly investing in the development of industries through technological advances. 

In the five years that Yango has been operating in Ivory Coast, it has become the country’s leading car-sharing service, the outlet noted. Earlier this year, as part of its technological expansion, it launched the Yango Education services platform that is aimed at contributing to the development of technology among young people.   

The firm also plans to launch additional technology products such as parcel delivery services, Fintech and FoodTec platforms.

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