Microsoft South Africa (SA) has signed a $70.5 million Artificial Intelligence (AI) investment agreement with the Department of Trade, Industry and Competition (DTIC) to support the development of local SMME businesses in both tech and non-tech sectors over the next 10 years.
Approximately 200 SMME businesses and more than 2,000 individuals will gain advanced AI knowledge and other capabilities to prepare them for the future of work. This initiative is facilitated by the Equity Equivalent Investment Program provisions of the B-BBEE Act, which allows Microsoft to accumulate BEE points. The investment commitment is intended to stimulate the development of SMEs, create local opportunities, and prepare South Africa for its AI transformation. (Bitcoin.com)