NEDFi Allocates ₹766 Crores For 5338 Projects In The NE Region

North Eastern Development Finance Corporation Limited (NEDFI) has sanctioned Rs 766.47 crore and disbursed Rs 547.11 crore for 5338 projects in the North East region. NEDFI has provided funding of ₹766 crore to enterprises across sectors in Northeast India between January-November 2023.

• NEDFI plays an important role in facilitating the setting up of new industrial and service sector projects in the North East region.
• NEDFI thus catalyses grassroots-level socioeconomic development in the region.

Important Initiatives of NEDFI:

• ₹547 crore distributed at concessional interest rates to micro and small businesses
• Loans worth ₹41 crore given through microfinance institutions
• Direct micro credit of ₹53 crore to benefit over 9 lakh individuals
• Venture capital commitment of ₹98 crore to 67 startups
• It gives priority to affordable credit access, entrepreneurship and livelihood.
• More than 90% of microfinance beneficiaries are women. More than 5,000 borrowers have received funds under this.
• It enables income generation and financial inclusion for weaker sections.

Establishment of North East Venture Fund:

• NEDFI joins the Ministry of Development of North Eastern Region (MDoNER) in setting up ₹100 crore North East Venture Fund to promote regional startups.
• It also partners with banks, microcredit organizations and NGOs for last-mile reach in remote areas.

About North Eastern Development Finance Corporation Limited (NEDFI):

• NEDFI is a public limited company registered under the Companies Act 1956 on August 9, 1995.
• It provides financial assistance to MSMEs in the NE region for setting up industrial, infrastructure and agriculture-related projects. It also provides micro financing through MFIs/NGOS.
• It also provides consultancy and advisory services to state governments, private sectors and other agencies.
• It supports grassroots micro borrowers in the unserved and underserved areas of the  NE region through the ‘NEDFI Micro Finance Scheme’.