Higher Education Funding Agency (HEFA) has approved projects worth over 2,066 crore rupees for six higher educational institutions to improve the research infrastructure and further their standing at the global level.<br/><br/>These institutes are IITs Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal. The HEFA Board held its 2nd meeting yesterday and approved funds which will be in addition to the grants being given to these institutions by the government.<br/><br/>As per the scheme, HEFA will mobilize the fund through market borrowing and will release the same to the government institution as interest- free loans. The HEFA was born out of the vision of Prime Minister Narendra Modi for providing additional finance for promoting research in the higher educational institutions. <br/><br/>Expressing happiness over the approval, Human Resource Development Minister Prakash Javadekar said it is a historic day for financing the needs and promotion of research and innovation beyond budgetary allocations