ONE of Australia's richest men is to extend his philanthropy to the Edinburgh International Festival, The Herald can reveal.

Harold Mitchell, a multi-millionaire marketing and media tycoon, and one of his country’s leading businessmen, has given A$300,000, or just less than £200,000, towards this year’s EIF, specifically the Mariinsky Opera’s production of the opera Die Frau Ohne Schatten, and wants to give more.

The backing of Mr Mitchell, who built Australia’s biggest advertising company, could prove to be a major financial boost for the Festival, which closes this weekend with its annual fireworks concert.

The businessman, now a “principal supporter” of the EIF, is a keen fan of Jonathan Mills, the artistic director of the EIF, having appointed him as director for the Melbourne International Arts Festival when he was chairman in 2001.

Mr Mitchell believes philanthropy, which he directs through his own multimillion-pound Harold Mitchell Foundation, is crucial in the current climate of finanical crisis in Europe and the US, and is willing to back the EIF with more money in the future.

Mr Mitchell formed his foundation in 2000 and it now has around £7.9 million in its coffers, and has spent many millions already.

In 2010, he sold his Mitchell Communication Group based in Mel-bourne to the UK advertising giant Aegis for £207m, and Mr Mitchell is its second-biggest shareholder.

He added of his presence in Scotland: “This was an opportunity to support Jonathan, and [Valery] Gergiev [musical director of Mariinsky Opera] and I like what I see.

“I know the arts can make a difference to any economy: Highly creative people involved in the arts at all levels, not just the high arts, makes a stronger economy and this is a country that is troubled by the current times, and many things can lead out of that but one is enthusiasm and optimism and the arts can deliver that in spades.”

The EIF is currently largely funded by the City of Edinburgh Council and Creative Scotland, as well as funds from ticket sales and sponsorship.

Mr Mitchell said he believes Edinburgh should become a year-round festival city.

“What we did in Melbourne was that the festival was built into a whole year of events. In Melbourne we had football finals, the Melbourne Cup, a grand slam of tennis and our own Grand Prix and there was nothing in the middle, so we had major arts events,” he said.

“I see Edinburgh is alive and people feel well for a month or six weeks, but the challenge is: Let’s keep it going all year.

“You are a better size city than Melbourne to make it happen.”