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.