Billionaire, Patrice Motsepe, has donated R12 million to help rid Cape Town of poverty and unemployment, giving R6m each to Khayelitsha and Mitchells Plain to establish forums in the Motsepe family's name.
"The forums will be established by you [the community] and will be the vehicle to assist our young entrepreneurs, co-operatives, youth, religious organisations and, most importantly, our children through education," he was quoted as saying in Khayelitsha.
Motsepe said the money should be spent in a year and invested in something profitable, not left to sit in the bank while people remained without jobs.
The communities would reportedly receive support from banks and the trade and industry department.
Motsepe has pledged to make R500m available for the cause over the next three to five years.
Earlier this year, Patrice Motsepe committed to donating half his family fortune to improve the lives of those living in dire circumstances.
The mining magnate said the money would be handled by the Motsepe Foundation to address education and health issues.
He said he was inspired by the word's two wealthiest men, Bill Gates and Warren Buffet, who are encouraging billionaires to donate to charity.
Motsepe has a net worth of roughly R26.51 billion, as per a Forbes rich list estimate.
Born in the Soweto township, Motsepe is a lawyer by training and South Africa's first and only black billionaire.
He founded the publicly traded mining conglomerate, African Rainbow Minerals, which has interests in platinum, gold, coal and other minerals.
Motsepe made most of his mining fortune through the government's black economic empowerment policy, which mandates that mining companies be at least 26% black-owned.
He had also committed to joining the Giving Pledge, a campaign started by Gates and Buffet in 2010. So far, more than 70 billionaires have signed up to it.
"I decided quite some time ago to give at least half of the funds generated by our family assets to uplift poor and other disadvantaged and marginalised South Africans, but was also duty-bound and committed to ensuring it would be done in a way that protects the interests and retains the confidence of our shareholders and investors," Motsepe said.
He was also inspired by the spirit of 'ubuntu': an African belief system that translates as 'I am because you are', meaning individuals need other people to be fulfilled.
"South Africans are caring, compassionate and loving people.
"It has always been part of our culture and tradition to assist and care for less fortunate and marginalised members of our communities.
"This culture is also embodied in the spirit and tradition of ubuntu/botho," Motsepe said.
