AP reported that Carnegie Mellon University has received the largest gift in its history, a USD 265 million pledge from a prominent Pittsburgh businessman.

As per report, the unrestricted gift from Mr William S Dietrich II, former chairman of the steel supplier Dietrich Industries, will pay for programs at the Pittsburgh University after the 73 year old donor dies. It brings Carnegie Mellon close to meeting a USD 1 billion target for a fund raising campaign now under way.

Mr Dietrich, a Carnegie Mellon trustee, praised the university as a major driver of local and regional growth and one of a handful of universities in the world that has the potential to become a truly global institution. All of this makes Carnegie Mellon a great investment.

The university was founded in 1900 as a technical school by the steel tycoon Andrew Carnegie but is now known internationally for its technology and arts programs.

The gift is the biggest donation pledged by an individual so far this year to any nonprofit group.

(Sourced from Associated Press)