South African billionaire Motsepe donates $57m to fight coronavirus

Posted by News Express | 29 March 2020 | 501 times

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• South African billionaire businessman Motsepe

South African billionaire businessman Patrice Motsepe said, on Saturday, his group of companies would donate 1 billion rand ($57 million) to help fight the coronavirus outbreak that has forced the country into total lockdown as infections climb.

South Africa entered a 21-day lockdown on Friday with people restricted to their homes and most businesses shuttered.

The country has reported 1,170 cases of coronavirus and now faces a near certain deep recession, reports Reuters.

Motsepe, President Cyril Ramaphosa’s brother-in-law and head of investment firm African Rainbow Capital, said at a media conference the money would be channelled through the government to build water, health and education facilities.

The pledge follows a 1 billion rand donation each by the Oppenheimer and Rupert families and a government package of more than 3 billion rand for industrial firms, and comes a day after the country lost its last investment-grade credit rating. (Reuters)


Source: News Express

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