An Egyptian billionaire is one step closer to buying a homeland for refugees who are fleeing war and flowing into the EU.

Naguib Sawiris is currently in talks to buy two private islands in Greece, and said they "constitute a good opportunity for the project."

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"We have corresponded with the owners and expressed our interest to go into negotiation with them," he said.

Earlier this month, Sawiris suggested the idea of buying an island where he could pay refugees to build their own homes, schools and basic services and then provide them with jobs after they settled the island.

He estimated that he could afford to house as many as 200,000 refugees, and offered the possibility that they might create their very own country instead of simply returning home when their countries stabilized.

There are more than 1,200 Greek islands – fewer than 300 of them are populated. Sawiris has not identified the islands' current owners, but says it will cost about $100 million to get the project started.

The UN High Commissioner for Refugees (UNHCR) has shown interest in cooperating on his plan.

(READ more at the Telegraph)

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