Moldova

George Soros Commits $100 Million to Central, Eastern Europe

June 19, 2009

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Billionaire investor and philanthropist George Soros has indicated that he will give $100 million to support nonprofits in central and eastern Europe working to help the poor affected by the global economic downturn, the Financial Times reports.

The commitment from the Hungarian-born businessman, who has given more than $3 billion to groups in the region since the fall of communism, will provide support for organizations that work with children and youth, some of which may have suffered declines in local donations. Though details of the gift are scarce so far, the Times reported that funding will be focused on countries facing the severest recessions, including Ukraine, the Baltic states, the Balkans, and parts of Central Asia and the Caucasus.

In an interview with the Times, Soros called on the European Union to provide greater support for the region — especially non-EU member countries, such as Ukraine — to help boost social spending and tackle rising political extremism.

"The EU must do more in terms of providing support, including financial support," said Soros. "The International Monetary Fund programs [launched in Hungary, Ukraine, Latvia, and about five other countries] are very severe in terms of cutting budgets. The EU must solidify support for EU values."

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