The Faculty of Engineering at Queen's University has received a new name, following a $100 million donation from a former student.

It will now be known as the Stephen J.R. Smith School of Engineering and Applied Science – abbreviated as Smith Engineering.

The university announced the donation on Thursday, describing it as the largest gift ever made to an engineering faculty in Canada and one of the largest gifts ever given to Queen's University.

Smith jokingly said in an interview before the announcement: "It feels great to donate $100 million," adding that the money will take the program "to the next level."

Faculty members said the donation will be used to hire more staff, offer more multidisciplinary studies, and bring in new equipment and technology.

Kevin Deluzio, Dean of Engineering, said: "That's really a big number, $100 million is a huge amount."

"The size of this gift is linked to the impact we are trying to make. It's about changing engineering education."

Smith graduated from Queen's University with a Bachelor of Electrical Engineering in 1972 before becoming a successful financial entrepreneur.

The nine-figure contribution is not his first "transformative gift," according to the university.

In 2015, he donated $50 million to the Smith School of Business at Queen's, which was also named in his honor.

A profile on the Smith School of Business website says he is "renowned for innovation" in information technology and financial structuring in the mortgage industry in Canada.

During one interview, Smith recalled that his parents took him to Queen's University for the first time, adding that his university experience made him who he is today.

He said supporting STEM and medical studies at Queen's means funding people who help address the planet's problems.

Jean-Marc Manjin, CEO of Philanthropic Foundations Canada, said donations of this size are rare, but there is a growing trend of giving increasingly large amounts to universities in recent years.

He explained: "Unfortunately, public funding is declining. Research funding is flat. Universities have to look elsewhere to be able to provide the kind of program they want."

Manjin said there is debate within philanthropy about the need to encourage people to donate, without paying in areas that should be covered by the government.

He said donations can support research and innovation, while the state should provide adequate core funding.

Manjin added that education remains a popular topic for philanthropy, representing nearly one dollar out of every three donated in Canada.

He said: "It's not just about putting a name on a building, but what happens inside the building and trying to make a difference."

Patrick Dean, Principal of Queen's University, said this donation represents "the difference between being a good university and an outstanding university capable of doing advanced things."

He described it as "exceptionally generous" and a "powerful gift" that will benefit students for many generations.

Idan Shimizu, president of the university's engineering society, echoed this sentiment.

While happy to benefit from the changes during his final year at Queen's, the fifth-year student said he is very excited about what it will mean for his brother, who just started the program.

Shimizu laughed: "Maybe I'll be a little jealous in the end." "But I think he'll have an enhanced experience, and I am very excited about that."