May 11, 2004
By Bontle Moeng
SOUTH Africa's first ubuntu university, Cida City Campus, has announced a breakthrough deal to acquire shares worth R5-million in training consortium, the Win-Win Group.
The deal forms part of a new initiative by Cida, the Community and Individual Development Agency, to offer deals to businesses that need black economic empowerment (BEE) partners. Cida has been rated as a BEE educational institute, catering for disadvantaged students by offering bursaries and subsidies.
The new business initiative, announced on 6 May, is aimed at helping Cida to consolidate its financial position. In the past the campus has been funded primarily by donations from both the private and public sectors.
The Johannesburg campus, founded in 1999, was originally set up as non-profit higher education institution to provide access to quality higher education and skills development for disadvantaged students.
Now Cida will be able to approach corporations to set up partnership agreements. "The profits from the equity stakes will be used as a stable form of long-term funding," said Cida CEO Taddy Blecher.
In return students would be able to get work experience through mentoring, part-time work or internships at the participating companies. "We focus on empowerment for our students, and in turn they help others in their own community. Work experience is acquired while they study through the extranet programme. During the extranet, pupils are sent back to their communities to teach others and network with the community," Cida director Thembinkosi Mhlongo added.
As part of the initiative, Cida is to set up an empowerment fund backed by leading, listed financial services groups and national funding organisations. The fund, which has been fully accredited by Empowerdex as a black-owned entity, will operate in a similar way to that of the Women's Development Fund or Kagiso Trust.
Arising from the establishment of the fund, Cida will have a two-pronged approach - forming broad-based relationships with large corporations and linking with small and medium enterprises, according to Bruce Hunt financial manager for the Cida empowerment fund. "This means that it will be easier for companies to have access to students and, in turn, Cida will be able to buy into its partner-companies."
The fund will be managed and administered by the Department of Trade and Industry, First National Bank, Investec, Empowerdex and Bowman Gilfillan.
Cida and the DTI will be hosting a BEE conference for SMEs on 13 July and 14 July. To book for the conference, call Carmen on 011 467 7167. For more information, call Cida Empowerment Fund on 011 639 8618.
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