An aerial view of the Zijingang Campus of Zhejiang University. [Photo/VCG]

The Zhejiang University Education Foundation recently announced that an alumnus of Zhejiang University has agreed to donate 250 million yuan ($39.28 million) over five years, local media reported on Dec 16.

Based a donation agreement signed earlier, the alumnus will donate 50 million yuan each year starting with this year. The money will be used to support the university's development and talent cultivation in the disciplines of physics, mathematics, and chemistry.

Located in the historic and picturesque city of Hangzhou, Zhejiang University is a prestigious institution with a long history. Qiushi Academy, the university's predecessor, was founded in 1897 and was one of the earliest modern academies of higher learning established in China.