George Soros Is Investing $500 Million in Refugees
The philanthropist wants to show how private capital can play a constructive role in helping migrants.
Billionaire businessman and philanthropist George Soros announced on Tuesday his intention to invest $500 million in startups, existing businesses and initiatives founded by migrants and refugees.
In an essay for the Wall Street Journal, Soros criticized the “collective failure to develop and implement effective policies” to address the global migration crisis, and argued that although governments have the leading role to play in finding solutions, “harnessing the power of the private sector is also critical”.
The announcement coincides with the UN Summit for Refugees and Migrants in New York, and follows President Obama’s Call to Action earlier this summer for private sector engagement on the global refugee crisis.
“I have decided to earmark $500 million for investments that specifically address the needs of migrants, refugees and host communities,” Soros wrote. “I will invest in startups, established companies, social-impact initiatives and businesses founded by migrants and refugees themselves. Although my main concern is to help migrants and refugees arriving in Europe, I will be looking for good investment ideas that will benefit migrants all over the world.”
The philanthropist announced that all investments made will be owned by his nonprofit organization, and any profits will go to fund programs at the Open Society Foundations, including programs that benefit migrants and refugees. Soros also stated his intention to work with the Office of the United Nations High Commissioner for Refugees and the International Rescue Committee, and his hope that this move would inspire other investors to undertake similar action.