NEW DELHI: Indian Prime Minister Manmohan Singh Wednesday launched the National Waqf Development Corporation Limited (NAWADCO) in Delhi, the government's Press Information Bureau (PIB) said.
Established with an authorized share capital of US $80 million or 5 billion rupees, NAWADCO is a new Central Public Sector Enterprise under Ministry of Minority Affairs that will work towards the development of the 490,000 Waqf properties in India, the largest in the world.
Speaking at the launch here today Dr Manmohan Singh said that the corporation will "facilitate and mobilize financial resources for starting schools, colleges, hospitals on Waqf properties in a transparent manner".
"Waqf assets have the potential of generating considerable returns which could be used for the socio-economic development of the community," he said.
"Today we take another step forward in our efforts to promote the interests of minorities in our country."
"This is an institution which the Indian Government has established to develop Waqf properties for the benefit of the Muslim community," said Dr Singh. (QNA)