NEDFi Channels Rs 547 Cr For 5,338 Projects In Northeast Region: DoNER

New Delhi, Jan 2 (KNN) The North Eastern Development Finance Corporation Limited (NEDFi) has allocated more than Rs 547 crores for the Northeast region between January 1 and November 30, according to a report from the Union Ministry of Development of North Eastern Region (DoNER).

NEDFi plays a crucial role in facilitating the establishment of new projects in the industrial and service sectors within the region.

“The Corporation assisted around 5,338 projects, with total sanctions and disbursements of Rs 766.47 crores and Rs 547.11 crores respectively, in diverse sectors such as education and training food processing, handlooms and handicrafts, healthcare, hotels and tourism, microfinance etc. between January 1 to November 30, 2023,” the ministry announced in a communique.

The ministry further mentioned that to foster the development of the Micro and Small Enterprises (MSE) sector, NEDFi has undertaken initiatives to identify and nurture potential first generation local entrepreneurs.

It aims to provide financing on favourable terms to assist them in establishing viable industrial projects.

NEDFi has extended credit schemes at concessional interest rates within the micro and small enterprises sector. Moreover, it has initiated activities to promote and develop the microfinance sectors in the region, it said.

“NEDFi in collaboration with the DoNER Ministry has set up the North East Venture Fund (NEVF), a dedicated venture capital fund, to encourage start-up ventures in the region,” stated the ministry.

"The fund's capital commitment amounts to Rs 100 crores, with contributions from DoNER at Rs 45.00 crores, NEDFi at Rs 30.00 crores, and the Small Industries Development Bank of India at Rs 25.00 crores," it specified.

“The fund generated a lot of enthusiasm among the start-ups from the region,” the ministry further stated.

As of November 30, 2023, a cumulative total of 67 projects had received investment commitments amounting to Rs 98.18 crores, the reports suggested.

During the communique, the ministry additionally shared that the North Eastern Handicrafts and Handlooms Development Corporation Limited (NEHHDC) is set to create Ashtlaxmi Haat and Experience Centre in Guwahati, Assam, with a project cost totalling Rs 7.6 crores.

This Haat is designed to feature 24 permanent stalls, offering market access to artisans from all Northeastern states.

Additionally, it will incorporate an artisan residency to provide accommodations for artisans coming from outstations.

NEHHDC has also announced plans for establishing an ERI silk spinning plant at Integrated Textile Park in Mushalpur, Baksa (Assam), with a project cost of Rs 14.92 crores, as per the statement.

(KNN Bureau)