Republican presidential candidate Donald Trump delivers a speech about his vision for foreign policy at the Mayflower Hotel April 27, 2016 in Washington, DC.
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Updated: June 23, 2016 1:27 PM ET | Originally published: June 23, 2016 12:11 PM EDT

Donald Trump has forgiven $50 million in loans he made to his campaign.

“[Trump] loaned $50 million to the campaign. He’s now forgiven that loan. So that is a contribution,” Steve Mnuchin, Trump’s campaign finance chairman, told CNBC Thursday. “[Trump] has also said he will contribute significantly more money.”

Trump’s team released a statement later in the day, saying, “Mr. Trump has fully extinguished (terminated) this loan per his commitment. Therefore, he has personally invested in excess of $50 million dollars in the future of our country.”

The announcement comes as Trump’s fundraising efforts are escalating towards the general election. On Tuesday, in light of May fundraising numbers showing him significantly behind Hillary Clinton, Trump put out a statement saying, “If need be, there could be unlimited ‘cash on hand’ as I would put up my own money, as I have already done through the primaries.”

Write to Tessa Berenson at tessa.berenson@time.com.

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