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.
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