The following is an excerpt from Suyin Haynes | September 20, 2016 | Time.com |
The philanthropist wants to show how private capital can play a constructive role in helping migrants
Billionaire businessman and philanthropist George Soros announced on Tuesday his intention to invest $500 million in startups, existing businesses and initiatives founded by migrants and refugees.
In an essay for the Wall Street Journal, Soros criticized the “collective failure to develop and implement effective policies” to address the global migration crisis, and argued that although governments have the leading role to play in finding solutions, “harnessing the power of the private sector is also critical”.
The announcement coincides with the UN Summit for Refugees and Migrants in New York, and follows President Obama’s Call to Action earlier this summer for private sector engagement on the global refugee crisis.
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