George Soros Will Invest $500 Million In Migrant-Founded Companies Through His Non-Profit

George Soros explained why he would invest half a billion dollars in established companies, social-impact initiatives, startups and other businesses founded by migrants and/or refugees.

People are increasingly forced to leave their home countries and establish abroad, and those in the receiving end are not always very welcoming, Soros wrote in The Wall Street Journal.

“Our collective failure to develop and implement effective policies to handle the increased flow has contributed greatly to human misery and political instability—both in countries people are fleeing and in the countries that host them, willingly or not,” Soros stated, urging governments to play more active roles addressing said issues.

However, exploiting the potential of the private sector is vital. Down this alley, the Obama administration recently introduced a “Call to Action” initiative, asking U.S. companies to contribute to solving the problems related to massive migration. On Tuesday, private sector execs gathered at the United Nations to commit to concrete initiatives to advance in this way.

In response to this, Soros earmarked “$500 million for investments that specifically address the needs of migrants, refugees and host communities” mostly in Europe, but also in several other regions around the globe.

“We will seek investments in a variety of sectors, among them emerging digital technology, which seems especially promising as a way to provide solutions to the particular problems that dislocated people often face,” he said. “Advances in this sector can help people gain access more efficiently to government, legal, financial and health services. Private businesses are already investing billions of dollars to develop such services for non-migrant communities.”

While the investments will be owned by Soros’ nonprofit, they will still seek financial success, in an attempt to prove how private capital can be fundamental to helping migrants. Profits will then fund diverse programs at the Open Society Foundations.

“I hope my commitment will inspire other investors to pursue the same mission,” Soros concluded.