CCEA has also approved the proposal for expanding the scope of Higher Education Financing Agency or HEFA by enhancing its capital base to Rs. 10,000 crore and tasking it to mobilize Rs. 1,00,000 crore for Revitalizing Infrastructure and Systems in Education or RISE by 2022.
The modalities for raising money from the market through Government guaranteed bonds and commercial borrowings would be decided in consultation with the Department of Economic Affairs.
This would enable HEFA to leverage additional resources from the market to supplement equity, to be deployed to fund the requirements of institutions.
HEFA was set up on 31st May 2017 by the center as a Non-Banking Financing Company for mobilizing resources for building infrastructure in higher educational institutions under Central Govt.