Switzerland’s largest bank, UBS, is set to invest CHF40 million ($41.5 million approximately) in the Swiss Federal Institute of Technology in Zurich (ETHZ), in a bid to bolster entrepreneurship and build infrastructure.

The funds will be allocated over a 10-year period, as per an announcement on Thursday, Swiss Info reports. 

“With this partnership, we aim to boost the long-term development of entrepreneurship and innovative capabilities in Switzerland, and to promote the next generation of entrepreneurs,” stated the president of UBS Switzerland, Sabine Keller-Busse. 

Half of the amount will be earmarked for two initiatives. These include helping entrepreneurs set up businesses, and encouraging school students to focus on a move towards maths, IT, natural sciences and technology, the report goes on to say. 

The other half of the UBS funding will be allocated to the construction of a new building on the Swiss Federal Institute of Technology’s campus located in Zurich.  

This new building is designed to allow young entrepreneurs to work alongside one another on joint initiatives and also share ideas with specialists and executives.  

“By combining our expertise in teaching and research with the well-established economical know-how and networking capabilities of UBS, we can advance Switzerland as a business location,” according to Joël Mesot, President of ETHZ. 

UBS sponsored the University of Zurich's Faculty of Economics some 10 years ago, amounting to CHF100 million. However, the move received criticism from some academic representatives in regard to the autonomy of teaching and research within a sponsored setup.