George Soros has become known as one of the most influential Democratic donors currently. He recently announced that he is funneling $500 million into migrant and refugee founded businesses and other ventures.
George Soros acknowledges that governments should play a role by creating adequate infrastructure, both physical and social. However he also acknowledged the power of the private sector, was a need as well. Soros announced his latest venture in a Wall Street op-ed where he said “Migrants are often forced into lives of idle despair, while host countries fail to reap the proven benefit that greater integration could bring.”
George Soros made this decision in response to the Obama administration’s call to action for American companies to play a bigger role in the refugee crisis. George Soros has earmarked $500 million for investments that target the needs of migrants, refugees and host communities.
His main focus though, will be helping migrants and refugees that are arriving in Europe. George Soros said his non-profit owned investments will complement his foundations contributions and will cover various sectors including digital technology. He believes advances in this sector can help migrants and refugees gain access more efficiently to government, legal, financial and health services.
Private companies have already started investing billions of dollars to develop these same services for non-refugee and non-migrant communities. Along with his foundation’s work, Soros says he will work with several organizations including the Office of the United Nations High Commissioner for Refugees and the International Rescue Committee to create a game plan that will guide his investments. George Soros wants to harness the innovations that only the private sector can create and use them to help the migrant and refugee communities across the country.