NEDFi sanctions Rs 766.47 cr and disburses Rs 547.11 cr for Northeast businesses

Guwahati: The North Eastern Development Finance Corporation Ltd (NEDFi) assisted around 5,338 projects, with total sanctions and disbursements of Rs 766.47 crore and Rs 547.11 crores in diverse sectors between January 1, 2023, and November 30, 2023.

The funds were allocated for education and training in food processing, handlooms and handicrafts, healthcare, hotels and tourism, and microfinance, the NEDFi said in a statement.

The corporation has taken the initiative to identify and nurture potential first-generation local entrepreneurs and provide finance on easy terms to help them set up viable industrial projects to develop the MSME sector, said the release, adding that the credit schemes of the corporation under the micro and small enterprises sector are extended at a "concessional rate of interest."

'NEDFi Micro Finance Scheme' for wholesale micro-credit to Micro Finance Institutions (MFIs) for on-lending to low-income individuals and 'NEDFi Micro-Lending Scheme' to provide financial assistance directly to micro-entrepreneurs have been launched "for income generating activities in farm and non-farm sectors." From January 1 to November 30 last year, financial assistance of  Rs 40.84 crore and Rs 1031.49 crore was extended under the NMFS, while assistance of Rs 52.60 crore was extended to 4,265 borrowers under the NMLS.

NEDFi, in collaboration with the Ministry of Development of North Eastern Region (MDoNER), has also set up the North East Venture Fund (NEVF), a dedicated venture capital fund, to encourage start-up ventures in the region. The capital commitment to the fund is Rs 100 crore.

The NFDFi, a public limited company, provides financial assistance to micro, small, medium, and large enterprises for setting up industrial, infrastructure, and agri-allied projects in the North Eastern Region and microfinance. It also offers consultancy and advisory services to state governments, private sectors, and other agencies.

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