Government of India is planning to set up Education Finance Corporation that will provide loan at 4% to students desiring to pursue higher studies. Union Minister for Human Resource Development Kapil Sibal informed that the Corporation will also extend easy credit to institutions desiring to start higher learning centres in the country. Delivering the Chandrawarkar Memorial Lecture at the Indian Institute of Science in Bangolore today, the Union HRD Minister also informed that out of 220 million children just 14 million reach universities in the country. He said, India face shortage of 1.2 million teachers at the elementary level itself and not many universities have leadership training programmes for Principals or trained faculty who could be facilitators rather than repository of knowledge. Mr Sibal said these problems can be overcome through ICT mission which plans to connect 26,000 colleges and 54 Universities in the country through broadband. Referring to the Right to Education bill, the minister felt that universalization of education alone will empower the children. Central Government will contribute 68% and States will have to pool in 32% under the provisions of the bill.