The Rajiv Gandhi University has signed an agreement with the Higher Education Financing Agency (HEFA) along with Bank of Baroda to develop infrastructure on the institute's campus at an estimated cost of Rs 66.59 crore, an official said on Tuesday.

The construction of faculty building for electronics and communication department, residential quarters for staffers and hostels for students among others will be taken up under the programme, the central university's vice- chancellor Prof Saket Kushwaha said.

A total of Rs 66.59 crore has been sanctioned by the agency for the construction projects of the university, another official of the institute said.

The HEFA, a joint venture company of Canara Bank and Union Ministry of Education, provides financial assistance to create infrastructure for the country's premier educational institutes."The loan is sanctioned only for projects that involve in revenue generation," Kushwaha said