Govt moots National Education Finance Corp
The Human Resource Development Ministry has proposed to set up a National Education Finance Corporation (NEFC) to provide financial assistance to entities interested in setting up educational institutions.
Replying to questions in the Rajya Sabha on Friday, HRD Minister Kapil Sibal said the proposed NEFC will provide loans for infrastructure development and expansion of educational institutions as well as re-finance facility for student loans.
“We are talking to the Planning Commission about it as it is just a proposal as of now. If NEFC is established, private, aided and government institutions will have access to it for finance on the pattern of soft loans or at priority sector lending rate which are not available to the sector at present,” Sibal said.
The Minister said the Government is also planning to set up National Accreditation Authority to regulate foreign education providers in the country. All foreign educational institutions operating in India will be under the scanner of this authority and only those providing quality education will be given accreditation, he said.
A Bill will be introduced in Parliament soon to this effect. Seven collaboration agreements have been made between India and foreign institutions for imparting education, including technical education in the country, he said.
