NATIONAL NEWS - South African billionaire Douw Steyn’s family trust will contribute a total of R320 million to a range of health and economic initiatives with a view on helping mitigate the impact of the Covid-19 pandemic on these sectors.
The trust is linked to businesses founded by Steyn, such as Steyn City, the Saxon Hotel and Telesure Investment Holdings (TIH), and the umbrella corporation for brands including Auto & General, 1st for Women, Dialdirect and 1Life.
“The Steyn family feels strongly about the role of corporate citizenship in contributing to the success and wellbeing of the society in which we operate. The Covid-19 pandemic, which poses such significant economic and humanitarian challenges, requires unified solutions and collective action. We hope this donation will provide a tangible difference to the communities we serve,” said a trustee of the Douw Steyn Family Trust Ian Leech in a statement.
According to Business Day, supporting feeding schemes will form the primary focus of the trust’s relief efforts and this will be funded to the tune of R200 million.
Diepsloot and surrounding areas will be serviced by one of three nonprofit organisations – Afrika Tikkun, Gift of the Givers and the Steyn City Foundation who have already begun delivering food parcels according to TIH CEO Tom Creamer.
Creamer estimates that as many as 750,000 people could be serviced by the scheme over a limited period.
Additionally, the holding company has set up a R70-million a relief fund for small businesses within its supply chain that are not able to earn an income during the lockdown period.
The remaining R50 million will be donated to the Solidarity Fund.