The department of expenditure has cleared the 2,700 crore cost for the university to be spent over 10 years. The approval of the cabinet committee on economic affairs is now being sought.
The architectural design approved for the new university has proposed a massive lake at the centre of the campus. The library, a huge dome-shaped structure, would come up in the middle of the lake and be half submerged.

China has already committed $1 million for the project, Singapore has pledged $5-6 million and Australia about $1 million Australian dollars. All the funds have been committed on a voluntary basis.

During his trip to Brunei in October, Prime Minister Manmohan Singh inked agreements with seven EAS countries that have pledged their commitment to the Nalanda University project.

The memorandums of understanding (MoUs) were signed with Australia, Cambodia, Singapore, Brunei, New Zealand, Laos and Myanmar. India signed the Mou with China during the prime minster's visit to Beijing in November.
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