• Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

  • Money creation made easy

    Changing the money creation system may be simpler than we think, says Edward Ingram.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Motsepe donates R12m to Cape Town

Jun 19 2013 09:27 Sapa
Patrice Motsepe

Patrice Motsepe (Picture: Sapa)

Related Articles

The grandness of giving

Motsepe to chair Brics council

SA needs more Motsepes

Cheer over new business council

SA moots Motsepe to head Brics team

Brics 'holds opportunities' for businesses

 
Cape Town - Mining magnate and billionaire Patrice Motsepe has apparently donated R12m to reduce poverty and unemployment in Cape Town, the Cape Argus reported on Wednesday.

Motsepe reportedly said he was giving R6m each to Khayelitsha and Mitchells Plain. The money is to be used to establish forums in the name of the Motsepe family.

The communities in these areas would have to establish these forums. The purpose would be to create a vehicle to assist young entrepreneurs, co-operatives, the youth and religious organisations through education, Motsepe said in Khayelitsha on Tuesday.

He instructed that the money be invested profitably and "not be left to sit in the bank while people remained without jobs".

The communities would reportedly receive support from banks and the trade and industry department.

Motsepe had previously undertaken to donate about R500m to charity over the next three to five years.

Motsepe ascribes his giving nature to the spirit of ubuntu, following his family's pledge to donate half of their wealth to charity.



Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

patrice motsepe  |  economy
NEXT ON FIN24X

Rich man, poor man

2014-04-24 07:28

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
106 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Cope loses members to ANC

President of the Cope Youth Movement, Abel Rangata, and three other Cope members have resigned from the party to join the ANC.

 
 

Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...