The University of Haifa has announced that it has received a $10 million donation for American businessman and philanthropist Lorry Lokey for the construction of a new campus located in the city’s downtown and port area.

Lokey, 91, the founder of Business Wire, said he was inspired by the university’s “multiversity” model, which consists of placing campuses in locations around Haifa and northern Israel, making it easier for students to access the school.

“University of Haifa is pioneering an important new paradigm for institutions of higher learning through its multiversity, and is infusing new energy into the city, region and entire country,” said Lokey. “While my relationship to the university is relatively new, this gift is an affirmation of its mission to improve access to education and bring more jobs, stability and security to northern Israel by establishing a downtown campus. I invite others to join me in transforming what is becoming one of Israel’s most important universities.”

While the Haifa Municipality is assisting the school with the acquisition of some of the new campus’s buildings, Lokey’s philanthropy will significantly offset the project’s renovation costs.

“Less than two years ago, the university described an aggressive growth plan that included additional faculties and buildings throughout Haifa and the north; a downtown campus is a key component of that plan,” said Ron Robin, president of the University of Haifa.

“This latest contribution is indicative of the university’s recent success, and I am excited to share the details with the entire community at our upcoming Board of Governors meeting,” he continued. “Through Mr. Lokey’s generosity, we will exponentially increase the university’s regional and national impact.”