For the past four years, the Allan Gray Orbis Foundation has spent a significant sum of N$34m on the education of the local entrepreneurial-minded youth.
The organisation that financially supports 34 Namibian scholars and 10 fellows, spent the above-mentioned amount on scholarships and bursaries.
Established in 2005 as a long-term investment initiative, the foundation is meant to serve as a vehicle for economic transformation and societal empowerment by inculcating a culture of entrepreneurial leadership in the young generation of an integrated southern Africa (Botswana, Namibia, South Africa and Swaziland).
The chairperson, Peter Katjavivi, says, since education is the core to long-term economic and societal transformation, the foundation focuses on availing significant funds for quality education scholarships, entrepreneurial leadership skills development programmes, which include developing and grooming high impact entrepreneurial leaders.
Of the foundation’s current 34 scholars, four will graduate this year. Therefore, it anticipates supporting 50 scholars and 20 fellows by the year 2014.
That the fellows under it are only sent to South African universities, is something the foundation terms as a challenge. Hence, it is looking for ways to include Namibian higher-learning institutions into the initiative.
According to Katjavivi, the foundation is in the process of requesting the Ministry of Finance to grant it a non-taxable status as a non-profit entity.
The Allan Gray Orbis Foundation owns 15% of Allan Gray Namibia’s operations and receives its dividend shares plus a donation of five percent of Allan Grey Namibia’s pre-tax profits. The money is exclusively used to avail significant funding for quality education, entrepreneurial leadership trainings and skills development.