UTRGV received a $40 million donation from two philanthropists who have pledged to give away most of their wealth during their lifetime.

UTRGV announced the donation in a press release that thanked philanthropists MacKenzie Scott and Dan Jewett for the donation. UTRGV President Guy Bailey stated in the release that the donation will provide much-needed scholarship money for students throughout their educational journey.

“This is truly a significant day for UTRGV that should be celebrated by all of us. We are extremely grateful to Ms. Scott and Mr. Jewett for their incredible generosity,” Bailey stated in the news release. “This gift, and the support we continue to receive from many others, will help UTRGV continue to transform the Rio Grande Valley and beyond.”

Scott is the ex-wife of Amazon founder Jeff Bezos and one of the world’s richest people, according to CNN. She is participating in the Giving Pledge movement where philanthropists pledge to donate the majority of their wealth to charitable causes during their lifetimes.

Scott and Jewett recognized UTRGV on its success as the second-largest Hispanic serving institution, according to the news release.