PHOTO: SOUTH AFRICA'S 1ST BLACK BILLIONAIRE PLEDGES $30 MILLION TO YOUTH EDUCATION

Patrice Motsepe Pledges $30 Million To Youth Education

South African billionaire Patrice Motsepe has announced that his charity, the Motsepe Family Foundation will donate $30 million within the next year to youth education and youth business development, South Africa’s Independent Online has reported.

Motsepe made the announcement on Sunday while delivering a motivational speech to a gathering of about 400 students at the Pretoria campus of the Tshwane University of Technology (TUT).

The mining tycoon urged the students to develop themselves through education and to take their studies seriously.

“Education is at the heart of achieving your dreams. Youth all over the world are very hungry to succeed. At the heart of all success and dreams is education. With a spirit of ubuntu (human kindness) in our communities and in our people, we can make our country the best it can be,” he said.

Motsepe noted that while South African youths are talented and entrepreneurial, there is a crucial need to provide them with a decent education and financial support to enable them live to their maximum potential.

“It is important that each of us, particularly those in my position, must help our youth with education, invest in youth businesses and help wherever we can,” he said.

To this end, Motsepe said that his Family Foundation would invest at least R300 million (about $30 million) to support South African students going to tertiary institutions. The Foundation will also support businesses founded by young South Africans by providing them grants. He will also support religious institutions and sports.

In January, Motsepe joined Bill Gates’ and Warren Buffett’s Giving Pledge, becoming the first African billionaire to do so. He pledged to give away half the income generated from assets owned by his family to the Motsepe Family Foundation, which supports initiatives in education, health, unemployment and the advancement of women.

Motsepe, 51, is South Africa’s first black billionaire with a fortune pegged at $2.7 billion by Forbes, based on the stock price from Monday, September 16.  He is the founder and largest shareholder of African Rainbow Minerals, a South African mining company that has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.