Cambridge University Press gives shares to create education hope for young South Africans
- Release Date: 15/06/2009
- Country of Issue: South Africa
- Category: Corporate
Cambridge University Press has given 25.1% of its shares in its South Africa operation to help fund a unique university which offers a world-class education to some of the country’s poorest black students.
CIDA Empowerment aims to lift talented young people out of poverty by offering the chance to study for a business degree (or equivalent) virtually for free. It is supported by famous names such as Nelson Mandela, Oprah Winfrey and Richard Branson.
Fees are less than 5% of the cost of a normal degree in South Africa and are paid for through an investment portfolio managed solely to produce funds for CIDA students. The shares gifted by Cambridge University Press South Africa will become part of this portfolio.
Cambridge University Press South Africa officially became one of CIDA’s funding partners on 9 June 2009 when the agreement was signed at CIDA City Campus by Colleen McCallum, Managing Director of Cambridge University Press South Africa, and Tracey Chiappini-Young, CEO of CIDA Empowerment.
Stephen Bourne, Chief Executive of Cambridge University Press, said: “Cambridge University Press is a charity with the overriding objective of spreading learning and education around the world, so the fit with CIDA is ideal. We want to make a real contribution to the education of a future generation of South African leaders.”
CIDA graduate Colin Maphutha described his CIDA education as “a dream come true. If it was not for CIDA, I would be home involved in crime or doing nothing constructive. Here I am able to be somebody.”
The partnership between Cambridge University Press South Africa and CIDA contributes to South Africa’s Black Economic Empowerment (BEE) programme.
Colleen McCallum said, “We searched extensively to find a BEE partner that encapsulates what Cambridge University Press stands for. This is a perfect fit and we are very proud to be associated with CIDA.”
Commenting on the deal, Tracey Chiappini-Young said, “We are over the moon to be partnering with such a prestigious, academically-focused, global publishing house.”
ENDS
Notes for Editors:
To find out more or to interview CUPSA and CIDA representatives contact the Press Office.
About Cambridge University Press South Africa
Cambridge University Press publishes the finest academic and educational writing from around the world. As a department of the University of Cambridge, its purpose is to further the University’s objective of advancing knowledge, education, learning and research. Cambridge is not only a leading global publisher; it is the oldest publisher in the world, celebrating its 425th birthday this year.
The African Branch is responsible for all countries in sub-Saharan Africa. In addition to its own publishing programme, the Branch also represents all Cambridge University Press titles and actively promotes these into the region. Our head office is in Cape Town and we have sales staff based in various provinces within South Africa and in the Cameroon.
About CIDA
In the six years since it was set up, 838 students have graduated from Johannesburg-based CIDA and 80% are employed in a country where the unemployment rate stands at 40%. The students are required to study business and entrepreneurship subjects that will equip them to become the future generation of leaders of South Africa.
Students are also required to return to their communities (up to 60% come from rural areas) twice a year and run business and life skills programmes. CIDA students have already trained and mentored approximately 500 000 community members in nine provinces. While students, they are also expected to help run the CIDA campus. When their earnings reach a certain level they are required to fund a new student through a CIDA course.
CIDA receives a unique form of support through free access to the academic content and course material of some of the world’s top universities including Cambridge University, the Open University, the London School of Economics and Harvard. Professors at these institutions have called CIDA a ‘unique and powerful education model’.
Expansion plans include the opening of new CIDA campuses at KwaZulu-Natal and Limpopo within the next 24 months.
If you would like more information, contact the Press Office:
- Telephone: +44 (0)1223 325544
- Fax: +44 (0)1223 325062
- Email: press@cambridge.org
- Post: The Press Office, University Printing House, Shaftesbury Road, Cambridge, CB2 8BS, United Kingdom