Soros to spend $500m to help migrants

Founder and Chair, Soros Fund Management and the Open Society Foundations George Soros attends 2016 Concordia Summit - Day 2 at Grand Hyatt New York on September 20, 2016 in New York City Image copyright Getty Images

The billionaire philanthropist George Soros says he will spend $500m on projects to help refugees and migrants.

His Open Society Foundation will be in charge of spending the money around the world.

"We will invest in startups, established companies, social impact initiatives, and businesses started by migrants and refugees," Soros said.

"Our primary focus is to create products and services that truly benefit migrants and host communities."

Writing in the Wall Street Journal, Soros said he would work with the Office of the United Nations High Commissioner for Refugees, and the International Rescue Committee, to decide how best to invest the money.

His plan comes after the "Call to Action" by President Obama in June, in which he asked US companies to help resolve the world-wide refugee crisis.

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