Samuel Yin, head of the sprawling Ruentex business empire, said that by donating Tw$3 billion ($101 million) for the Tang Prize he had fulfilled one of his biggest dreams.[break]
"I hope that the prize will encourage more research that is beneficial to the world and humankind, promote Chinese culture and make the world a better place," he said.
Beginning in 2014 prizes will be awarded every two years in four different categories -- sustainable development, biopharmaceutical science, sinology and the "rule of law" -- to individuals, regardless of nationality.
The winner in each category will receive Tw$50 million ($1.7 million), compared to the eight million Swedish kronor ($1.2 million) that comes with a Nobel Prize.
The Tang Prize will help raise Taiwan´s profile in the international scientific community, the state-run Central News Agency reported.
Sweden´s Nobel Prizes are awarded in the fields of physics, chemistry, physiology or medicine, literature and peace.
Related story
World Food Program bags Nobel Peace Prize
