Northeastern Development Finance Corporation sanctioned Rs 766 million for 5,338 projects

NEW DELHI: The Ministry of North East Development has announced that the North East Development Finance Corporation (NEDFi) has been sanctioned. INR766.47 million for 5,338 projects across the sector from January to November 2023.

“This company supported approximately 5,338 projects with total sanctions and disbursements.” INR766.47 million and INR504,711 each from January 1, 2023 to November 30, 2023 in diverse sectors such as education and training, food processing, handlooms and handicrafts, healthcare, hotels and tourism, and microfinance. 100 million in support,” the ministry said in a statement released on Monday.

To support the development of micro and small enterprises (MSEs) in the Northeast, NEDFi aims to identify and develop local potential first-generation entrepreneurs and provide them with loans on easy terms, including preferential interest rates. He said there had been a concerted effort. To help them launch viable industrial projects.

“In order to support small borrowers in underserved and underserved areas, microfinance institutions (MFIs) for lending to low-income NEDFi Micro Finance Scheme (NMFS) which provides credit and NEDFi Micro Finance Scheme (NMLS) which provides direct financial assistance to micro-entrepreneurs through business correspondents for income generating activities in agricultural and non-agricultural sectors. It has started.”

The following financial aid will be provided from January to November: INR40.84 billion extended (disbursed) under NMFS INRTotal 1,031,490,000) and INR526 billion to 4,265 borrowers under NMLS. “These will enable an improvement in the economic status of more than 900,000 beneficiaries, more than 90% of whom are women,” the ministry said in a statement.

NEDFi also said it has established a dedicated venture capital fund, the North-East Venture Fund (NEVF), to encourage and collaborate with emerging ventures in the region.

so far INRThe fund has put $100 million into it, and the ministry is also contributing. INR45 billion, NEDFi INR30 billion and SIDBI INR2.5 billion. As of November 30, a total of 67 projects have received investment commitments. INR98.18 billion.

NEDFi is a public limited company that provides financial assistance to small, medium and large companies setting up industrial, infrastructure and agriculture-related projects in the North East region of India. We also provide consulting and advisory services to state governments and the private sector.