One of South Africa’s richest blacks has set up a fund to provide “thousands of jobs over the next few years”.
It is apparently his second big initiative to be announced in a few weeks, and billionaire and businessman Patrice Motsepe has big plans.
As CEO of the mining group African Rainbow Minerals, he also recently announced that he has also set up a fund to empower blacks in agriculture.
The Motsepe Foundation apparently has links with 33 faith institutions and organizations that are all set to start creating jobs.
However, experts believe that too many expectations are created by institutions and faith groups that have no knowledge of economic realities.
He expects other large institutions to contribute R50m each and thus sit on its “advisory committee”.