Oxford University fundraising reaches £2bn Published duration 12 May 2015

image copyright PA image caption The campaign has been called the biggest fundraising project in European university history

A University of Oxford campaign to raise funds for teaching and research has raised £2bn, it has been announced.

The institution began raising money towards new scholarships, academic posts, programmes, buildings and facilities in August 2004.

The sum stands at £2,012,571,521 but the university has now set itself a new target of £3bn.

Vice-chancellor Professor Andrew Hamilton called the milestone "an outstanding achievement".

The campaign has been touted as the biggest money-raising project in European university history.

'Financial freedom'

The university started seeking the donations in order to put it on a "level playing field" with universities in the United States.

The fund reached £1bn in October 2010.

Prof Hamilton added: "We are extremely grateful to the alumni, friends of the university, charities, companies and many others who have made it possible.

"Their generosity is benefiting the entire Oxford collegiate community through increased financial support for students, ambitious programmes of academic research and high-quality new buildings and facilities.

"Oxford will need ever-greater financial freedom in support of our mission to foster academic excellence at the highest level for the greatest common good.