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George Soros invests in projects to tackle migration crisis
  • Written by International Renaissance Foundation
  • Published in  News
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The chairman and founder of Open Society Foundations (OSF) George Soros promised to invest about $500 million to overcome the challenges associated with the global crisis of forced migration.

Soros took this initiative at the Call to Action meeting that was organized by the Obama administration. The meeting brought together leading businessmen of the United States in the headquarters of the United Nations (New York) to develop specific commitments in response to the crisis.

"Our goal is to use the private sector for the public good”, said George Soros. “We will invest in startups, existing businesses, social impact initiatives and businesses created by migrants and refugees. These investments are intended to be successful. But our main goal is to create products and services that really bring value to migrants and host communities. I hope my commitment will inspire other investors to continue this mission."

Investments will belong to non-profit organizations of Soros and the income will go for financing of programs of Open Society Foundations, including the programs directed to support of migrants and refugees. George Soros noted that in order to create the appropriate investment principles for the initiative he will cooperate with such organizations as the Office of the UN High Commissioner for Refugees and the International Rescue Committee.

.soros

George Soros, Chairman and founder of Open Society Foundations. Photo by International Renaissance Foundation.

The UN High Commissioner for Refugees Filippo Grandi said: "UNHCR strongly supports the investment obligation of Mr. Soros, which helps refugees become self-reliant and will support the host community. Refugees should have access to financial and legal services, education and employment opportunities. We believe that the private sector is in a unique position to help build the infrastructure needed to support these services".

The President of the International Rescue Committee David Miliband said: "George Soros has shown exclusive leadership by today's statement. Having allocated $500 million investments concerning the most important needs of refugees and communities that accept them he shows how it is possible to combine compassion and innovations for overcoming calls of the present. The work of the International Rescue Committee demonstrates worldwide that the private sector plays the vital role in assistance to refugees to become independent. We will be glad to help him define opportunities for investments, especially in the field of creation of new jobs in host communities".

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