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. Last Updated: 07/27/2016

Soros Says He'll Cut Back Aid to Russian Education

American financier-philanthropist George Soros said Monday he would scale back his aid for Russia's crippled education system because the government has failed in its pledge to follow up on his efforts.

Soros, who is on a trip to Russia, said Monday that the Russian government had earlier promised to spend more money on the country's science and education system, but has failed to deliver.

Because of that, Soros decided to cut the program short and is now considering launching new charitable projects instead, Interfax quoted him as saying Monday.

Soros has spent nearly $76 million on the five-year-old project to support science and education, doling out grants to 18,000 teachers, 1,500 full professors and 1,500 assistant professors, more than 3,000 graduate students and more than 6,000 undergraduates, Interfax said.

The Hungarian-born Soros said he extended the program by one year because of the financial crisis in Russia, but couldn't continue indefinitely, the news agency reported.

After the economic crisis broke last August, Stanley Druckenmiller, the manager of Soros' Quantum Fund, said the billionaire's $21.5 billion group of funds - operated by Soros Fund Management - had lost $2 billion in Russian markets during the previous year.

Soros' office in Russia said that the philanthropist would unveil a new project to support Russia's education system this week.

Soros is by far Russia's largest private donor, spending more than $350 million on charitable projects in the past decade.

He pledged last year to contribute $500 million more to improve health and education in the nation.