Cape Town, June 2010 – The month of June marks the intrepid protests lead by youth 34 years ago for the right to a better education, an indelible act that catalysed the socio-political transformation of South Africa. Today’s youth, if armed with the better education their fore runners sought as well as with entrepreneurial skills, will lead the economic transformation of Southern Africa. This is according to Anthony Farr, CEO of the Allan Gray Orbis Foundation.

Though celebrating 16 years of democracy, South Africa is still shackled by the economic legacies of the previous dispensation such as high levels of unemployment and poverty. For the youth in particular, access to affordable quality education remains an impediment to employment opportunities and economic freedom. “The country is not in short supply of bright, gifted young people who have the potential to drive economic transformation,” says Farr. “However, these future leaders require access to adequate education as well as an induction into an entrepreneurial way of thinking,” he continues.

This is the objective of the Foundation, which aims to bolster job creation and alleviate poverty by harnessing the power of pioneering, young bright minds with enough entrepreneurial and leadership potential to positively impact our collective future. Through one of its flagship initiatives, the Allan Gray Fellowship programme, the Foundation aims to develop students, known as Allan Gray Fellows, into South Africa’s future high Impact leaders and entrepreneurs.

The programme provides scholarships for young people to study towards degrees at the country’s top universities. Also provided is comprehensive financial support as well as access to a cutting-edge Entrepreneurial Development Programme.

Once graduated, Allan Gray Fellows that have excelled have access to funding for postgraduate studies and following some years of work experience, also have the opportunity to apply for start-up capital for viable high growth business ideas as approved by E2 (Allan Gray Limited's empowerment vehicle).

“The long-term objective of the Allan Gray Orbis Foundation is to contribute to a more prosperous integrated South Africa as a result of job creation and economic development,” says Farr. The economic transformation Farr refers to is not about the accumulation of wealth. It is about achieving economic equity through providing access to education and inculcating an entrepreneurial mindset in the future leaders of tomorrow. The impact of this will not only be felt by a selected few in our society but by the country as a whole.

About the Allan Gray Orbis Foundation
The Allan Gray Orbis Foundation is the social responsibility initiative of the Allan Gray and Orbis Groups in South Africa. It is funded annually by a donation of a minimum of 7% of the taxed profits of the Allan Gray Group, which has committed to making this donation to the Foundation in perpetuity. As profits may fluctuate, this commitment is backed up by a capital endowment of over R1 billion donated by Mr Allan WB Gray, the founder of the Allan Gray and Orbis Groups. Further information is available online at www.allangrayorbis.org