Absa Bank has announced a contribution of ZAR63.1 million in scholarship funding to support university students across Limpopo and Pretoria, South Africa, undertaking a three year undergraduate degree in commerce, humanities, engineering or science and technology on the basis of their academic excellence.
The announcement follows a signing ceremony held with the Vice Chancellors of two universities in Pretoria yesterday.
The bank announced that University of Pretoria (UP) would be awarded with ZAR 21.2 million over a three year period (2017 – 2019) based on a memorandum of agreement it had signed with Absa to cater for additional bursaries, specific chairs such as: Banking Law and Actuarial Science as well as the upkeep of a business clinic the university opened in Mamelodi that would provide start-ups in the community with much needed training and skills.
In addition, the University of Pretoria was awarded with ZAR14 million for the 2016/17 period, while Tshwane University of Technology was awarded ZAR11.4 million in scholarship funding over the next three years.
Absa will also be supporting the University of South Africa with ZAR6.5 million and the University of Venda and Limpopo with ZAR5 million each in scholarship funding, bringing the total investment towards education in Limpopo and Pretoria from the bank to a grand ZAR63.1 million.
Dr Gwen Ramokgopa, TUT Chancellor, MEC of Health in Gauteng and one of the first Patrons of the TUT Bursary and Scholarship Fund said Absa’s contribution to TUT would make the bank the biggest supporter of the TUT Bursary and Scholarship Fund to date.
Absa Managing Executive of Limpopo, Mpumalanga and Pretoria areas, Oscar Siziba says the CEO Scholarship Programme expands on Absa’s existing ReadytoWork skills development programme, which is designed to make an impact on the massive problem of youth unemployment in South Africa by improving the employability of graduates.
“As an expression of our Shared Growth commitment to education and skills development, we are proud to be creating opportunities for undergraduate students in providing access to higher education, while further assisting them to apply their knowledge, with real-world impact from our ReadytoWork curriculum that will best prepare them to net a job after graduation,” states Siziba.