Hungarian-born US investor and philanthropist George Soros delivers a speech on the sideline of the World Economic Forum (WEF) annual meeting, on January 23, 2020 in Davos, eastern Switzerland.
Fabrice Coffrini | AFP | Getty Images
Open Society Foundations, a philanthropic organization founded by liberal megadonor George Soros, announced Monday that it is investing $220 million into the push for racial justice.
The largest portion, $150 million, will be given in five-year grants to various civil rights and racial equality groups like Black Voters Matter and the Equal Justice Initiative, according to the foundation. The groups receiving these grants are tackling racial inequality in different forms, such as fighting for police reform and increased ballot access for people of color.
The money will be delivered over five years because "real progress requires sustained support over many years and letting leaders accountable to impacted communities shape the path forward," the foundation said.
The remaining $70 million will be divvied up among local initiatives that support the progression toward racial equality. Some of the money will be used to fund young people participating in internships and civic engagement, as well as "efforts to fight voter suppression and disinformation," according to the announcement.
The investment comes amid widespread protests for racial equality and calls for police reform that sprung after the death of George Floyd, a Black man who was killed at the hands of Minneapolis police on Memorial Day. Floyd, 46, died after being subdued during an investigation into whether he had used a counterfeit $20 bill.
"It is inspiring and powerful to experience this transformational moment in the racial justice movement," said Open Society Foundations President Patrick Gaspard in a statement.
"We are honored to be able to carry on the vital work of fighting for rights, dignity, and equity for oppressed people the world over started by our founder and chair, George Soros."
The 89-year-old Soros has long supported marginalized groups. He has been a frequent target of anti-Semitic and right-wing groups, including in his native Hungary.