The Cabinet Committee on Economic Affairs has approved a proposal to provide financial support of Rs. 2727.10 crore to Nalanda University over a period of 12 years from 2010-11 to 2021-22.
The salient features of the financial support are:-
- Rs. 1749.65 crore will be spent towards capital cost of the project.
- Rs. 977.45 crore has been provided to meet the University's recurring expenditure for eight years from 2014-15 to 2021-22.
- The main campus, including residences of teaching and non-teaching staff is being built on a plot measuring 455 acres, provided free of cost by the Government of Bihar on a 99-year lease.
- The University has already received US$ 11.55 lakh as voluntary contribution from China, Thailand and Laos. Singapore has offered to build a library at a cost of US$ 5 million. Australia has commited Australian $ 1 million for a Chair in the School of Ecology and Environment Studies. Japan has pledged assistance for the renovation of highways leading to the University. Other participating countries will contribute as the University progresses.
- An Endowments Committee has been constituted to raise funds through public-private partnerships.
- The University will also start generating its own revenues to meet a part of its recurring expenditure when teaching commences in phases.
- The approved financial support will be other than voluntary contributions from participating countries, endowments to be received through public-private partnerhsips, and the revenues generated by the University in due course.
The establishment of Nalanda University will benefit 2450 Indian and foreign students by the end of 2021-22.
The funding by the Government of India would enable the University to establish itself as an international institution of excellence.
Around 455 acres of land has been provided by the Government of Bihar. Construction in the first phase is expected to begin this year. Teaching in the first two Schools is expected to begin from leased premises in September, 2014. Teaching in all the seven Schools will commence in the academic year 2017-18.
A Headquarters Agreement granting privileges and immunities to the academic staff has been signed between the Government of India and Nalanda University in July, 2013 to facilitate hiring of the best faculty from across the world.
An Inter-governmental Memorandum of Understanding came into force in October, 2013 to further reinforce the international status of the University.