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The Massachusetts Institute of Technology (MIT) has announced plans to establish the MIT Stephen A. Schwarzman College of Computing. According to a statement released on Monday by the top-rated US institution, MIT is making a $1 billion commitment to set up the college as its commitment to address the global opportunities and challenges presented by the prevalence of computing and the rise of artificial intelligence (AI).

"The initiative marks the single largest investment in computing and AI by an American academic institution, and will help position the United States to lead the world in preparing for the rapid evolution of computing and AI," according to a statement by the MIT News Office.

The college, which is slated to open in September 2019, has been named after Stephen A. Schwarzman, chairman, CEO and co-founder of Blackstone, a leading global asset management firm, with approximately $440 billion in assets under management. Schwarzman has donated $350 million as part of the $1 billion funding requirement for the college, which will be headquartered in a signature new building on MIT’s campus.

The MIT Schwarzman College of Computing is expected to be an interdisciplinary hub for work in computer science, AI, data science, and related fields. About 50 new faculty positions will be created with the establishment of the new college.

According to the institution, the college will "educate students in every discipline to responsibly use and develop AI and computing technologies to help make a better world." It will also help in transforming education and research in public policy and provide ethical considerations relevant to computing and AI.

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” said MIT President L. Rafael Reif. “The MIT Schwarzman College of Computing will constitute both a global center for computing research and education, and an intellectual foundry for powerful new AI tools."

The college is also expected to have significant impact on the U.S. competitiveness and security, while strengthening MIT's position as a key international player in the responsible and ethical evolution of technologies that are poised to fundamentally transform society.

MIT says it has raised an additional $300 million in support, apart from Schwarzman’s gift, bringing the total available funding to $650 million of the $1 billion required for the college. The construction of a new building for the college is scheduled to be completed in 2022.