The North Eastern Development Finance Corporation Ltd (NEDFi) has sanctioned ₹766.47 crore for 5,338 projects spanning diverse sectors between January and November 2023. These sectors include education, food processing, handlooms, handicrafts, healthcare, hotels, tourism, and microfinance.
In an effort to boost micro and small enterprises (MSE) in the north-east, NEDFi has actively identified and supported potential first-generation local entrepreneurs. The corporation provides finance on easy terms, including concessional interest rates, to assist in establishing viable industrial projects.
Furthermore, NEDFi introduced the NEDFi micro-finance scheme (NMFS) for wholesale micro-credit to microfinance institutions (MFIs) and the NEDFi micro-lending scheme (NMLS) to provide direct financial assistance to micro-entrepreneurs. These initiatives have positively impacted over nine lakh beneficiaries, with more than 90% being women.
NEDFi has also established the North-East Venture Fund (NEVF), a dedicated venture capital fund aimed at encouraging and collaborating with startup ventures in the region. As of November 30, the fund has committed ₹100 crore, with the ministry contributing ₹45 crore, NEDFi ₹30 crore, and SIDBI ₹25 crore. Sixty-seven projects have received investment commitments totaling ₹98.18 crore.
