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Union Cabinet Approved Proposal to Expand HEFA Capital Base

Union Cabinet Approved Proposal to Expand HEFA Capital Base, HEFA Capital Base

The Union Cabinet has approved the proposal to expand the base of the Higher Education Financing Agency (HEFA) to Rs. 10,000 crore and tasking it to mobilize Rs. 1,00,000 crore for stimulating infrastructure and systems in education by 2022. The capital base of HEFA during 2016-17 was Rs.1,000 crore.

The cabinet committee on economic affairs (CCEA) has also approved increasing the authorised share capital of HEFA to Rs. 10,000 crore by infusing additional government equity of Rs. 5,000 crore in HEFA.

The CCEA has approved to expand HEFA facility to all institutions and central universities and health education infrastructure like AIIMSes and Kendriya Vidyalayas.

The norms for financing under HEFA and the modalities of repaying the principal amount like technical institutions, started between 2008 and 2014, to repay 25% of the principal from internal resources and receive a grant for the balance of the principal portion.

The central universities started prior to 2014 to repay 10% of the principal from internal resources and receive a grant for the balance amount. The newly established institutions which started after 2014, grants would be provided for complete servicing of the loan including the principal and interest.

Other educational institutions and grant-in-aid institutions of health ministry and all the newly set up AIIMSes and other health institutions and Kendriya Vidyalayas / Navodaya Vidyalayas, the ministry concerned will give a commitment for servicing of the principal and interest by ensuring adequate grants.

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