Billionaire investor George Soros pledged on Tuesday to invest up to $500 million in programs and companies benefiting migrants and refugees fleeing life-threatening situations.

Announced against the backdrop of an ongoing United Nations (U.N.) summit in New York, Soros explained that he wished to harness the power of the private sector for public good.

“We will invest in startups, established companies, social impact initiatives, and businesses started by migrants and refugees. 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 86-year-old said in an official statement.

“I hope my commitment will inspire other investors to pursue the same mission.”

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