NEW DELHI: The central executive's Higher Education Financing Agency (HEFA) today authorized interest-free mortgage of over Rs 2,000 crore for analysis projects proposed by 5 Indian Institutes of Technology and a National Institute of Technology.
"HEFA Board approves Rs 2,066.73 cr interest-free loan to 6 institutions. Today is a historic day for financing needs & promotion of #research & #innovation beyond budgetary allocations," Union HRD Minister Prakash Javadekar tweeted.
The institutions are IIT Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal.
"While Rs 1028.73 crore has been sanctioned for research and academic facilities, Rs 1,038 crore has been approved for other supporting infrastructure," a senior HRD ministry official mentioned.
The Union Cabinet had authorized HEFA in September closing 12 months as a distinct function car with Canara Bank. It could be jointly funded by the promoter/bank and HRD ministry.
According to the funding mechanism, an establishment can declare 10 occasions the sum it escrows in the first 12 months.
"Approved institutions can avail the sanctioned amount as per the progress of the project and complete them expeditiously. The funding under HEFA would be in addition to the grants already given to the institutions," the official mentioned.
According to the scheme, HEFA would mobilise Rs 20,000 crore thru market borrowing and would release the money to executive institutions as interest-free loans.
"HEFA Board approves Rs 2,066.73 cr interest-free loan to 6 institutions. Today is a historic day for financing needs & promotion of #research & #innovation beyond budgetary allocations," Union HRD Minister Prakash Javadekar tweeted.
The institutions are IIT Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal.
"While Rs 1028.73 crore has been sanctioned for research and academic facilities, Rs 1,038 crore has been approved for other supporting infrastructure," a senior HRD ministry official mentioned.
The Union Cabinet had authorized HEFA in September closing 12 months as a distinct function car with Canara Bank. It could be jointly funded by the promoter/bank and HRD ministry.
According to the funding mechanism, an establishment can declare 10 occasions the sum it escrows in the first 12 months.
"Approved institutions can avail the sanctioned amount as per the progress of the project and complete them expeditiously. The funding under HEFA would be in addition to the grants already given to the institutions," the official mentioned.
According to the scheme, HEFA would mobilise Rs 20,000 crore thru market borrowing and would release the money to executive institutions as interest-free loans.
Centre approves Rs 2,000 crore interest-free loan to 5 IITs, one NIT
![Centre approves Rs 2,000 crore interest-free loan to 5 IITs, one NIT]()
Reviewed by Kailash
on
November 30, 2017
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