The Open Society Foundations, a non-governmental organization founded by billionaire George Soros, plans to end or liquidate most of its activities in the European Union to focus on other parts of the world, Reuters reported.

According to an internal email sent to foundation staff and obtained by Reuters, the decision will mean refocusing the organization’s efforts on domestic EU politics in the context of larger challenges elsewhere in the world.

“Finally, the new strategic directive that has been approved calls for the withdrawal or elimination of much of our current work in the European Union, shifting our efforts and redistributing resources to other parts of the world,” the email to employees said. .

“This reorientation does not reflect our past performance and the many contributions our employees have made over the years, but rather is a decision focused on the future and future opportunities that could have a significant impact,” he added.

The decision comes after the organization announced in June that George Soros, its 93-year-old founder, would hand over leadership of the foundation to his son Alex and cut 40 percent of staff as part of a new global strategy.

The email, obtained by Reuters, did not detail how the fund would redistribute its funds, but a spokesman for the Open Society Fund said it would continue to support non-governmental organizations across Europe.

The organization, founded by George Soros, says it remains “committed” to the European project

“The Open Society Foundation is changing the way we work, but my family and FSD have long supported the European project and we remain committed to it,” Alex Soros, the organization’s new president, told Reuters in response.

George Soros, a Hungarian Jew who made his fortune in the United States after emigrating abroad after World War II, is known for promoting liberal, democratic ideas and policies to support cross-border migration.

He is known to have won over a billion dollars in 1992 betting on the financial markets against the pound sterling.

The Open Society Fund, which manages about $1.5 billion worldwide, will also continue to fund projects in Ukraine, the Republic of Moldova, Kyrgyzstan and the Western Balkans through national funds, its spokesman also said.

“Under the new model, the majority of our grants will go to specific projects related to opportunities that will be determined over the coming months,” the spokesperson added.

PHOTO article: Adrin Shamsudin | Dreamstime.com.