Decks have been cleared for international funding of the proposed Nalanda International University at Nalanda. The Department of Economic Affairs (DEA), Ministry of Finance, Government of India, has included the university in its list of 'priority projects' for Japanese funding.
At a meeting in New Delhi, a power-point presentation was made before the officials of the department and representatives of the Japanese embassy, Japanese Bank for International Cooperation (JBIC), Overseas Development Agency (ODA) of Japan and other Japanese bodies.
HRD Commissioner-cum-Secretary MM Jha, who was present during the presentation, said that the inclusion of Nalanda University in the DEA's priority list was a big step forward, as it would open the gate for international funding. "The DEA prioritises various schemes in accordance with the importance and Nalanda University has been included in it now," he added.
Jha said that the university's unique character and objective of creating an "inclusive society in a world free from war, terror, violence and fear" was likely to draw the attention of the donors worldwide. It will have an international advisory group comprising renowned names to facilitate global linkages.
Several countries like Japan, Singapore and South Korea, have shown keen interest in the project. The Educational Consultants of India Limited (EDCIL), the consulting agency of the Human Resource Development Department, Government of India, has prepared the detailed project report (DPR) for the university.
The estimated cost of the proposed university, which will house seven to eight schools, has been pegged at Rs 1000 crore. Similar exercise will also be done for other interested international agencies and foreign countries for financial assistance.