Last month the establishment of HEFA - Higher Education Financing Agency was approved by the government of India. The Ministry of Human Resources Development (MHRD) of India has now appointed Canara Bank as the promoter for setting up the agency. The bank was chosen on the successful completion of the process for identifying a joint venture partner for HEFA. The process included invitation , examination of the proposal and finally the selection.

HEFA will fund state-of-the-art research labs and other infrastructure projects through a 10–year loan. All centrally funded Premier Higher Education Institutions like the IITs/IIMs/NITs and other institutions of similar credentials will be eligible to be part of HEFA.

The bank stated that it has begun taking steps towards operationalising the HEFA, subject to necessary approvals and permissions from the regulators and the Government of India .

The British Council offers a range of opportunities for UK institutions for partnerships and collaborations. We will share more details once we know more about the local Higher Education Institutions that have received HEFA funding. If you would like to explore collaborative arrangements with Indian institutions please send an email to Shruti Khanna and Cc to siemsouthasia@britishcouncil.org

Read our previous update on HEFA- https://education-services.britishcouncil.org/news/market-news/indian-government-approves-establishment-of-higher-education-financing-agency-hefa

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