Soros Gives $250-Million to University in Budapest

By Ziya Serdar Tumgoren

George Soros, the Hungarian-born financier and philanthropist, has committed $250-million to endow Central European University in Budapest.

The contribution is the largest ever made to a European institution of higher education, surpassing a $210-million gift from the Bill & Melinda Gates Foundation to the University of Cambridge in 1999.

Mr. Soros, who established the liberal-arts institution with a $230-million pledge in 1991, has been the university’s primary benefactor since its creation.

But the philanthropist’s support has been a mixed blessing. While Mr. Soros’s gifts helped sustain the university in its first decade, they have also made it difficult to attract other donors, according to the university rector, Yehud Elkana.

“When I tried to raise funds,” Mr. Elkana said, “I was told, ‘Why should I give money to George Soros?’”

In announcing the gift, Mr. Soros expressed confidence in the university’s ability to achieve independence.

“The endowment constitutes a cutting of the umbilical cord,” he said. “All additional growth must come from other sources.”

The gift will not affect other giving by the Soros Foundation network, said a spokesman. In 2000, Mr. Soros’s charitable network gave $494-million to organizations in 50 countries.