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Motsepe Foundation unveils R100m job creation fund

FIN24 / 24 OCTOBER 2019 - 20.45 / STAFF REPORTER

The Motsepe Foundation on Thursday announced a R100m donation towards a job creation and skills training fund, in a bid to tackle the country's high jobless rate

The billionaire businessman who is the executive chairman of mining group African Rainbow Minerals said the funds will be directed at creating sustainable jobs in sectors such as agriculture and adhere to global best practices.

"The way it's gonna function is simple. I’ve got a project that I believe will create a number of jobs, that job I must give to the advisory council which is like a board and the advisory council will give an application to where the jobs and skills are and evaluate whether this is a job-creating project that should be funded," Motsepe said, as reported on eNCA online.

The fund will work with 33 faith-based organisations, who would appoint two representative to serve on its council. The council will have its first meeting on November 25 and funding meetings would be held four times a year.

Application for funding will also be open to people who are not members of identified religious groups affiliated to the fund.

The business mogul, through his Motsepe Foundation, is involved in a number of social upliftment programmes, and his empowerment investment holding company, African Rainbow Capital (ARC), has interests in TymeBank and the mobile provider Rain.

South Africa is faced with a growing unemployment rate, which jumped to 29% in the second quarter of the year. Young people are the hardest-hit by the scourge.

Government last year hosted a Jobs Summit which came up with various job creation interventions from the public and private sector.

Another intervention aimed at addressing unemployment is the Youth Employment Service, also known as the YES initiative, which aims to connect young people with employers and equip them with skills.

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LINK : https://www.fin24.com/Economy/motsepe-foundation-unveils-r100m-job-creation-fund-20191024

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