The government has approved setting up of a Higher Education Financing Agency. It will fund the requisite infrastructure for promoting research facilities in the centrally-aided institutions of higher learning. <br/><br/>Government will provide an equity of 1,000 crore rupees. Human Resource Development Minister Prakash Javadekar said this in reply to a question in the Lok Sabha today. He added that the process of finalising the bank for this purpose is underway. <br/><br/> With the devolution of more funds to the States as recommended by 14th Finance Commission, the States are also in a position to allocate proper funds to the institutions of higher learning, he said.