New Delhi, Oct 31 (UNI) The Union Cabinet has given approval to the introduction of a Bill for the establishment of a South Asian University (SAU) at Maidan Garhi near Indira Gandhi National Open University (IGNOU) here.
The Delhi Development Authority (DDA) will allot 100 acres of land worth Rs 75 crore, the cost of which will be borne by the External Affairs Ministry, Finance Minister P Chidambaram today said, briefing reporters on last evening's Cabinet meeting.
Contribution on other expenditure would be decided by the SAARC member states at the necessary inter-governmental Mechanisms based on the existing participatory approach, he said.
The University is expected to commence functioning in the second half of 2010, with 5,000 students and a postgraduade academic programme.
The President and the principal officers would be from SAARC members.
The inter-govermental agreement for establishing the SAU was signed at the 14th SAARC Summit in April 2007.
The SAARC member states had also decided that the University would be established in India.
UNI YJ SB DS1245