Soros pledges $100 million to countries hit by the economic crisis

The Open Society Institute will give $100 million to help communities in Eastern Europe, Balkans, Central Asia and Caucasus hardest hit by the global economic downturn.

“I believe it is the duty of those who have the means to step in to help,” said Open Society Institute chairman George Soros.

Many of the target countries are new members of the European Union that have had to slash budgets in the face of turbulent economic times. “We want to help those communities most at risk. My priority is helping young people. We need to help the next generation,” Soros said.

A committee made up of people from Eastern Europe will evaluate the severity of the crisis in each country. In cooperation with Soros foundations located in the 20 countries, the group will consider proposals for funding. “Projects could range from support to keep children in school to shelters to cultural institutions at risk of failing,” Soros said.

In Estonia, the emergency fund will be managed by the Open Estonia Foundation.

Additional information: http://www.soros.org/newsroom/news/europe_20090618