South African billionaire Patrice Motsepe has announced that he will donate half the revenue generated by his assets to his foundation.
Microsoft founder Bill Gates on Wednesday hailed Patrice Motsepe’s decision to give half of the funds generated by his family’s holdings to the poor, as a milestone.
Motsepe is the first person outside of the Unites States to join the ‘Giving Pledge’, an initiative started by Warren Buffet and Gates, which encourages the super-wealthy to donate at least half of their money to charity.
The African Rainbow Minerals chair announced the funds will be channeled through the Motsepe foundation.
The money will be distributed to various issues affecting the poor including health, education, unemployment and the upliftment of women.
Gates has wished the South African billionaire well.
“It was a wonderful thing to hear how the Motsepe’s really, as part of their moral conviction as a family, believe in giving back. I want to congratulate them.”
Meanwhile, Motsepe said the most effective way to deal with joblessness and poverty is to create a business environment that is globally competitive and attractive to the private sector.
“We don’t want Africa to forever be a continent of charity and a continent of donations. We want Africa to be self-sustaining.”
The businessman said the donation will contribute towards making South Africa a better place.
“People in my position have a huge responsibility to South Africans who are less fortunate.”
Motsepe will consult with church and traditional leaders, as well as various charities, to decide where the money goes.