Africa Empowered proposes fund to assist students
Africa Empowered has proposed a Nation Building Fund to fund tertiary education.
Chairman Vuyo Jack unveiled the plan in Johannesburg this morning, saying this will be a people's fund.
"It would be a private equity fund that has features of a sovereign wealth fund. The key there is that the sovereign wealth fund has brilliant transparency issues in terms of how do you raise the funds," he said.
He says while more engagements with stakeholders are still needed, the fund will in part rely on funds from the private sector.
If private businesses contribute 3 percent of their funds, it could make up the bulk of required monies to pay for studies.
Jack says the fund will act like an insurance policy.
"By doing the 3 percent donation...if it is going to help stem the free fall that we are currently seeing, then it's worth it, because then it can stop the free fall and then, hopefully, you'll be able to have an upward growth in terms of the market cap," he said.