HEFA released Rs 5,828 cr to educational institutions by December 2019
Team Careers360 | January 23, 2020 | 01:06 PM IST | 1 min read
NEW DELHI: Seventy-five higher education institutions have been sanctioned infrastructure loans by the Higher Education Financing Agency (HEFA) amounting to Rs 25,744.82 crore. And, as per data released by the Ministry of Human Resource Development (MHRD), Rs 5,828.34 crore of this had been disbursed till December 2019.
Under the Revitalising Infrastructure and Systems in Education, or RISE, scheme, HEFA has bee tasked with extending infrastructure loans to higher education institutions. In December 2019 alone, Rs 400.73 crore was given to 26 educational institutions under MHRD and Ministry of Health and Family Welfare.
As per the Department of Higher Education’s note to the Union Cabinet, the Rs 25,744.82 crore loan will go toward projects cumulatively worth Rs. 37,001.21 crore.
HEFA was started in May 2017, is a joint venture of MHRD and Canara Bank for financing the creation of capital assets in premier institutions. The RISE scheme was announced in the 2018 Union budget. According to a MHRD statement, its aim is to use HEFA loans to “to translate the objectives into an action plan by making available resources from the market” to create high-quality research and education infrastructure by 2022.
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