A Chinese foundation donated $130 million to Israel’s Technion-Israel Institute of Technology in Haifa, the Israeli university’s largest-ever donation.
JERUSALEM — A Chinese foundation donated $130 million to Israel’s Technion-Israel Institute of Technology in Haifa, the Israeli university’s largest-ever donation.
Along with benefiting Technion students and researchers, the funds from the Li Ka Shing Foundation will be used to establish the Technion Guangdong Institute of Technology in China, according to Technion.
Guangdong Province and Shantou Municipal Government also will contribute $147 million to fund construction and initial operations of the Technion Guangdong Institute, as well as provide land for the campus.
A memorandum of understanding between the universities was signed Sunday in Tel Aviv in the presence of Li Ka Shing Foundation and Hutchison Whampoa chairman Li Ka-shing. The agreement must be approved by the Technion and Chinese authorities.
Li’s private investment company, Horizon Ventures, invested in the navigation app Waze in 2011. It has been reported that Li’s profit from the sale of Waze to Google earlier this year was part of the donation to Technion.