North Eastern Development Finance Corp sanctions ₹766 crore for 5,338 projects
₹766.47 crore for 5,338 projects across sectors during January-November 2023. "The corporation assisted around 5,338 projects, with total sanctions & disbursements of ₹766.47 crore and ₹547.11 crore respectively, in diverse sectors – education & training, food processing, handlooms & handicrafts, healthcare, hotels & tourism, microfinance etc.
between 1 January 2023 and 30 November 2023," read a statement from the ministry on Monday. It said that to aid the development of micro and small enterprises (MSE) in the north-east, has NEDFi made a concerted effort to identify and nurture potential first-generation local entrepreneurs and provide finance on easy terms, including concessional rates of interest, to help them set up viable industrial projects.
“To assist small borrowers in unserved and underserved areas of the region, the NEDFi micro finance scheme (NMFS) for wholesale micro-credit to microfinance institutions (MFIs) for lending to low-income individuals; and NEDFi micro-lending scheme(NMLS) to provide financial assistance directly to micro entrepreneurs, through business correspondents was launched, aimed at income generating activities in farm and non-farm sectors," it said. During January-November, financial assistance of ₹40.84 crore was extended under NMFS (which has disbursed ₹1,031.49 crore in total) and ₹52.60 crore to 4,265 borrowers under NMLS.
"These have enabled improved economic status for more than nine lakh beneficiaries, more than 90% of whom are women," the ministry's statement read. It also said NEDFi has set up the North-East Venture Fund (NEVF), a dedicated venture capital fund, to encourage and collaborate with startup ventures in the region.
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