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Higher Education Financing Agency
August 21 , 2017
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- The central Government has signed an agreement with Canara bank to set up Non-Banking Financial Company (NBFC) called the Higher Education Finance Agency (HEFA).
- It will be a joint venture between the HRD ministry and the bank.
- It is formed to give a major push for creation of high quality infrastructure in premier educational institutions.
- NBFC will raise funds from the market and also mobilize CSR (Corporate Social Responsibility) funds from PSUs/Corporates and lend to government-run higher educational institutions for promoting research and innovation.
- The HEFA would finance the civil and lab infrastructure projects through a 10-year loan.
- HEFA will leverage the equity to raise up to Rs. 20,000 crore for the funding of world-class infrastructure at the IITs, IIMs, the National Institutes of Technology (NITs) and such other institutions.
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