DR A.J.F. O'Reilly has announced a personal donation of $5 million to the Ireland Funds, which he founded 21 years ago.
This is the biggest single donation the funds have ever received, and follows a number of previous, lesser donations from Dr O'Reilly, totalling "several millions", according to the director of the Funds in Ireland, Mr Kieran McLouglin.
Dr O'Reilly chose the annual conference of the Ireland Funds, which is taking place at several Dublin venues this week, for his announcement yesterday.
"I believe the funds have achieved a great deal over the past 21 years in having raised $80 million for peace, culture, communities and education across the island," he said. "This donation indicates my commitment to the work and expansion of the Ireland Funds into the next century."
"Dr O'Reilly sees this as a leadership gift," said Mr McLoughlin. "He feels the fund is now ready to reach a new level."
Other large donations have included $1 million from the president of the American Ireland Fund, Mr Lew Glucksman, and his wife, Loretta.
Mr McLoughlin expects donations to the fund to exceed $100 million shortly, especially if donors follow Dr O'Reilly's lead and increase their level of funding.
The Ireland Funds were founded in 1976 by a number of US businessmen, led by Dr O'Reilly. Its aim is to support projects promoting the causes of peace, culture and charity in Ireland.
Some 170 donors and friends of the Ireland Funds are attending the Dublin conference - which included the announcement of the Funds' literary awards on Monday night.