China's Jack Ma Foundation is set to become the largest donor to an Australian university.

The University of Newcastle (UON) is expected to receive US$20 million from the foundation.

According to Xinhua, it is the foundation's first commitment in the said country. Meanwhile, for its, part, this would be UON's "largest philanthropic commitment" in its entire history.

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Called The Ma & Morley Scholarship Program, the Jack Ma Foundation's contribution to UON will grant 50 scholarships in its first year: 30 new ones and 20 to support existing scholars until they finish the degree they are currently enrolled in.

"Through this remarkable friendship spanning decades, a new generation of talented students will have the opportunity to reach their full personal and professional potential," said Professor Caroline McMillen, UON Vice-Chancellor.

"This scholarship program will exemplify the shared values between Mr. Ma and Mr. Morley, and aims to develop the next generation of globally aware and socially conscious Australian leaders," she added.

The Star reported that the commitment from the Jack Ma Foundation was actually done in honor of the Chinese business mogul's Australian friend Ken Morley.

The two reportedly met in 1980 when the latter's family was in Hangzhou, Zhejiang province, Ma's hometown, for the Australia-China Friendship Society. Their bond was reportedly created after the Alibaba founder requested to talk to Morley to practice his English. Since then, they remained friends until Morley died in 2004.

"I am very thankful for Australia and the time I spent there in my youth," said the founder of the Jack Ma Foundation. "The culture, the landscape and most importantly its people had a profound positive impact on my view of the world at that time."

TagsJack Ma, Alibaba, Jack Ma Foundation, University of New Castle Australia, UON