Question: Recently the Union Cabinet has approved the creation of the Higher Education Financing Agency (HEFA). The authorised capital of HEFA is-
(a) Rs.1,000 crore
(b) Rs.1,500 crore
(c) Rs.2,000 crore
(d) Rs.3,000 crore
Ans: (c)
Related facts:
- On 12 September 2016 the Union Cabinet has approved the creation of the Higher Education Financing Agency (HEFA) to give a major push for creation of high quality infrastructure in premier educational institutions.
- The HEFA would be jointly promoted by the identified Promoter and the Ministry of Human Resource Development (MHRD) with an authorised capital of Rs.2000 crore.
- The Government equity would be Rs.1000 crore.
- The HEFA would be formed as a SPV within a PSU Bank/ Government-owned-NBFC (Promoter).
- It would leverage the equity to raise up to Rs. 20,000 crore for funding projects for infrastructure and development of world class Labs in IITs/IIMs/NITs and such other institutions.
- The HEFA would finance the civil and lab infrastructure projects through a 10-year loan.
- All the Centrally Funded Higher Educational Institutions would be eligible for joining as members of the HEFA.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=149707