Bermuda resident and technology pioneer Dr. James Martin owes Oxford University $50 million – and he is happy to pay it.

Dr. Martin, who owns Agar's Island in Hamilton Harbour, pledged $50 million a year ago to the top British university, but only if an equal sum could be raised by like-minded philanthropists and donors.

The Independent newspaper reported yesterday that the fund will be used to finance a catalogue of research projects aimed at resolving pressing global problems, ranging from methods of forecasting economic shocks to the preservation of plant species.

The research will be carried out at the 21st Century School Dr. Martin had already established at the university with a previous multi-million dollar donation.

"When the matched funding scheme was announced, many people said this is crazy timing as this is the worst economic crash in recent history," Dr. Martin said.

"The Oxford vice-chancellor and I disagreed with them. Some foundations and wealthy individuals give money in bad times if the cause is exceptionally important."

Nearly 20 research projects will be set up as a result of the donations, with no fewer than 30 different donors coming forward to raise the necessary –$50 million needed to trigger Dr Martin's pledge.

The donors include interna The donors include international financier George Soros.

Dr. Martin studied physics at Oxford's Keble College between 1952 and 1956.

He made his reputation as an information technology guru. He earned his fortune writing books, such as 1977's Pulitzer Prize-nominated "The Wired Society: A Challenge for Tomorrow".