(ECNS) – Chinese tycoon Li Ka-shing on Sunday announced he would donate $130 million to Technion, Israel's top science institute, to help establish a joint academic technology institute in China, according to Hong Kong-based Sing Tao Daily.
The donation is the largest ever to Technion and one of the most generous in the history of Israeli higher education. Li received the President Award from the institute.
"Our responsibility is to invest in reforms in education that unlock genius and enable the continuing realization of human potential, building a knowledge-rich society and securing a sustainable quality of life for all," Li said.
The new institute, to be called Technion Guangdong Institute of Technology (TGIT), will be 330,000 square meters and be located near Shantou University.
TGIT is scheduled to offer undergraduate programs in 2014, and join Shantou University to conduct life sciences research based on big data the same year.
Professor Peretz Lavie, president of Technion, described the cooperation as "a major breakthrough and an opportunity to strengthen ties between Israel and China."
Founded in 1912, Technion is one of the only 10 universities in the world that have built and launched man-made satellites. And three professors from the institute have won Nobel Prizes in the past nine years.
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