George Soros pledges US$500 million towards refugee crisis
Billionaire trader hopes his commitment will ‘inspire other investors to pursue the same mission’
Billionaire investor George Soros pledged on Tuesday to invest up to US$500 million in programmes and companies benefiting migrants and refugees fleeing life-threatening situations.
Announced against the backdrop of an ongoing United Nations (UN) summit in New York, Soros explained that he wished to harness the power of the private sector for public good.
“We will invest in start-ups, established companies, social impact initiatives, and businesses started by migrants and refugees. These investments are intended to be successful. But our primary focus is to create products and services that truly benefit migrants and host communities,” the 86-year-old said in an official statement.
“I hope my commitment will inspire other investors to pursue the same mission.”
On Monday, the UN opened its first summit addressing the current refugee and migrant crisis. The UN and Unicef calculate that a record 65 million people were forcibly displaced from their homes in 2015, with more than half from just three countries: Syria, Afghanistan and Somalia.
The increasing number of asylum seekers from those war-torn nations has sparked political debate in Europe and the US over where the refugees should be rehomed. The issue has been clouded by economic migration, with large numbers of people reportedly seeking entrance to developed nations in the hope of better prospects as global growth slows.