Philanthropist and former New York City mayor Michael Bloomberg has donated US$50m (€45.4m, £40.6m) to Boston’s Museum of Science – the single largest gift in the institution’s history.

The contribution will be used for endowment payments to support the institution’s education division, renamed the William and Charlotte Bloomberg Science Education Center, in honour of Michael’s parents.

Bloomberg grew up in Boston and has credited the museum for sparking his intellectual curiosity, recalling travelling on his own as a child at weekends to visit the museum and take in its educational programmes.

“I know how important this museum is and what an impact it can have on young people because I was one of those young people,” said Bloomberg. “Those mornings were the highlight of my weeks – and they helped define the course of my life.

“The Museum of Science is where I learned to ask questions, to recognise just how much there is to learn about the world, and to follow science wherever it leads.”

Bloomberg has long been a supporter of the institution, funding a number of other initiatives, including the US$9m (€8.1m, £7.3m) renovation of the Charles Hayden Planetarium in 2011. He has also donated hundreds of millions of dollars to other cultural projects through Bloomberg Philanthropies – the charitable arm of his multi-billion dollar business empire.

"We are thrilled by Mike's extraordinary generosity," sad museum president and director, Ioannis Miaoulis. "With his gift, he is investing in young people – in making a new generation of critical thinkers. This generous gift dramatically expands our capacity to make science, technology, engineering and math (STEM) accessible to all."