We present early photometric and spectroscopic data on the afterglow of GRB 060218 and report the evolution of the underlying supernova 2006aj. Our data span a time-range of 4 days to 22 days after the GRB and clearly establish that SN 2006aj is a fast-evolving broad-lined Type Ic SN with an extremely short rise-time (~ 10 days) and a large optical luminosity (M_V = -18.7 mag). The SN properties are deduced well since the GRB afterglow does not contribute a significant amount to the total light

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... output. The spectra show broad lines indicative of large expansion velocities, but are better matched by those of SN 2002ap and SN 1997ef (that are not associated with a GRB) than those of the proto-typical GRB-related SN 1998bw. We refine the redshift estimate to z = 0.0335 +/- 0.00007. The host-galaxy is a low-metallicity dwarf galaxy (with M_V \~ -16.0 mag), similar to host-galaxies of other GRB-associated SNe.