NEW DELHI, March 9: The North Eastern Development Finance Corporation (NEDFi) has sanctioned Rs 766.47 crore and disbursed Rs 547.11 crore for a total of 5,338 projects across various sectors between January and November, 2023, in the eight states of the region, according to an official statement.
The sectors benefiting from NEDFi’s financial support include education and training, food processing, handlooms and handicrafts, healthcare, hotels and tourism, microfinance, and more. The corporation’s commitment to economic growth is evident in its efforts to assist local entrepreneurs in setting up viable industrial projects.
The corporation’s state-wise sanctions and disbursements underscore its pivotal role in propelling diverse sectors toward development. Assam, being a key player and biggest state in the region, received substantial backing with sanctions amounting to Rs 500.05 crore and disbursements of Rs 353.25 crores, the statement by DoNER Ministry said.
Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura all experienced significant financial injections, contributing to their economic upliftment, it added. The cumulative impact across the Northeastern states resulted in a total of Rs 766.47 crore sanctioned and Rs 547.11 crore disbursed, signifying NEDFi’s impactful role in driving economic prosperity in the region.
In its commitment to the Micro and Small Enterprises (MSE) sector, NEDFi has been proactive in identifying and nurturing first-generation local entrepreneurs. The corporation provides financial support on favourable terms to help them establish sustainable industrial projects. Credit schemes under the micro and small enterprises sector are extended at concessional rates of interest, supporting the growth of the MSME and Microfinance sectors in the region.
Two key schemes, the “NEDFi Micro Finance Scheme (NMFS)” and the “NEDFi Micro-Lending Scheme (NMLS),” were launched to aid small borrowers in unserved and underserved areas. These initiatives, providing wholesale micro-credit and direct financial assistance, have cumulatively extended Rs 40.84 crore and Rs 1031.49 crore under the NMFS, and Rs 52.60 crores to 4265 borrowers under the NMLS, contributing to the improved economic status of more than nine lakh beneficiaries, with over 90 per cent being women.
NEDFi’s collaboration with the Ministry of Development of North Eastern Region (MDoNER) has resulted in the establishment of the North East Venture Fund (NEVF), a dedicated venture capital fund. With a capital commitment of Rs 100 crore, the NEVF has generated enthusiasm among start-ups in the region.
As of 30 November 2023, the fund has provided investment commitments of Rs 98.18 crore to a total of 67 projects, furthering the entrepreneurial ecosystem in Northeast India, the statement added.
NEDFi is a Public Limited Company and the shareholders are IDBI, SBI, LICI, SIDBI, ICICI, IFCI, SUUTI, GIC and its subsidiaries.