George Soros vows to invest 500 million dollars to help migrants

Billionaire investor George Soros promised Tuesday to invest 500 million dollars in efforts to support global migrants.

"I will invest in start-ups, established companies, social-impact initiatives and businesses founded by migrants and refugees themselves," the 86-year-old chairman of Soros Fund Management wrote in a commentary piece in The Wall Street Journal.

Governments will necessarily take the leading role in addressing the refugee crisis, Soros said, but he hopes the investment will inspire others in the private sector to become involved.

The announcement comes as the UN General Assembly kicks off in New York.

Soros said he plans to primarily focus his efforts on those migrants entering Europe, but he will also consider investments that would benefit migrants throughout the world.

The investments will be owned by Soros' non-profit organization. Any profits will fund programmes at Open Society Foundations, he said.

Last update: Tue, 20/09/2016 - 15:56

More from World

Bees, not snakes or spiders, cause most deaths in Australia

Bees and other insects are the biggest public health threat in Australia when it comes to deadly bites and stings,...

Russia invites incoming US administration to Syria peace talks

The incoming US administration led by Donald Trump is invited to take part in Syria peace talks in Kazakhstan's...

Istanbul suspect admits to New Year's attack, found with cash

The captured suspect in the Istanbul New Year's nightclub shooting which left 39 people dead has admitted to...

Search for missing MH370 plane ends after three years

After nearly three years of searching, the hunt for missing Malaysia Airlines flight MH370 has come to an end ...

Trudeau faces ethics probe over vacation on Aga Khan's private island

Canada's ethics watchdog is investigating whether Prime Minister Justin Trudeau violated his own conflict of...