Philanthropist and New York City Mayor, Michael R. Bloomberg, 70, has donated $350 million to John Hopkins University to support interdisciplinary research and student financial aid.

With this funding, total endowment by Bloomberg to the University goes beyond $1 billion.

Around $250 million will be used toward a variety of cross-disciplinary subjects and research on water resource sustainability, individualized health care delivery, global health, the science of learning and urban revitalization.

Plus, it will be utilized to appoint 50 renowned faculties from across the world to facilitate the research work.

"I know of no other institution that can make a bigger difference in lives around the world through its groundbreaking research - especially in the field of public health," Bloomberg told the Guardian.

The remaining $100 million will be directed toward providing financial aid to undergraduate students.

During the next 10 years, 2,600 Bloomberg Scholarships will be offered to students.

"This latest initiative allows us to greatly accelerate our investment in talented people and bring them together in a highly creative and dynamic atmosphere," Ronald J. Daniels, president of Johns Hopkins said. "It illustrates Mike's passion for fixing big problems quickly and efficiently."

Johns Hopkins was America's first research university producing groundbreaking works in areas such as biomedical engineering, public health, space studies and international studies.

Bloomberg graduated from the University in 1964 with a bachelor's degree in engineering.