NEW DELHI ( Agencies) - The Union Cabinet today approved payment of Indias contribution of $239.930m to the South Asian University, which is around 79 percent of the total cost of the full establishment of the University until 2014. As part of Indias asymmetric commitment to SAARC, India is ready to disburse the first tranche of its financial commitment of 9.464 million dollars to ensure that the University is operational in July-August 2010. The University will be the first international University to be hosted by India. The objectives of the University are to disseminate and advance knowledge, wisdom and understanding by providing instructional and research facilities in such branches of learning as it may deem fit. The South Asian University shall be a non-state, non-profit self governing international educational institution with a regional focus for the purposes set forth in this Agreement and shall have full academic freedom for the attainment of its objectives. The jurisdiction of the University shall extend to whole of India and to campuses and centres established outside India in the SAARC region. The Ministry of External Affairs is acquiring hundred acres of land from DDA next to Indira Gandhi National Open University (IGNOU) for leasing to the University. At the Thirteenth SAARC Summit held in Dhaka, in November 2005, Prime Minister proposed the establishment of a South Asian University to provide world-class facilities and professional faculty to students and researchers from SAARC member countries. The Inter-governmental Agreement for the Establishment of the South Asian University was signed at the 14th SAARC Summit (April 3-4, 2007). The SAARC Member States also decided that the University would be established in India.