AFP GETTY George Soros is investing nearly £400million in migrants

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The investment comes in response to the Obama administration's "Call to Action" initiative, asking US companies to help ease the migrant crisis. Existing companies, startups and businesses founded by migrants will benefit from the cash with Mr Soros expecting to return a profit. In a statement Mr Soros said: "We will invest in startups, established companies, social impact initiatives, and businesses started by migrants and refugees themselves.

We will invest in startups, established companies, social impact initiatives, and businesses started by migrants and refugees themselves George Soros

"These investments are intended to be successful. But our primary focus is to create products and services that truly benefit migrants and host communities." The billionaire said the “collective failure” of government policies to handle the crisis “has contributed greatly to human misery and political instability” in an op-ed for The Wall Street Journal. He said: “All of the investments we make will be owned by my non-profit organisation.

“They are intended to be successful — because I want to show how private capital can play a constructive role helping migrants — and any profits will go to fund programs at the Open Society Foundations, including programs that benefit migrants and refugees.” The UN estimates that some 1.2 million refugees need to be resettled with a record 21.3million refugees globally. Mr Soros, founder of the Open Society Foundations, also said he plans to work closely with the Office of the United Nations High Commissioner for Refugees and the International Rescue Committee to guide his investments.

GETTY Mr Soros plans to work closely with the UN to guide his investments

EPA Theresa May has committed almost £750m of aid funding to help tackle the migrant crisis

Theresa May has committed almost £750m of aid funding to help tackle the migrant crisis. The Prime Minister said an extra £660m of the aid budget would be diverted to focus on humanitarian relief - with much of the money expected to be used to support the refugees driven out by the bloody conflict in Syria. A further £80m will be spent on creating jobs in Africa.

GETTY There are a record 21.3million refugees globally

AFP The UN estimates that some 1.2 million refugees need to be resettled