GUWAHATI: North Eastern Development Finance Corporation (NEDFi) has focused on substantial growth through innovation and strategic initiatives in the 2023-24 fiscal, NEDFi chairman cum managing director PVSLN Murty said here on Wednesday.
“The NEDFi will extend support to micro and small enterprises, microfinance, skill development, and women’s empowerment in this fiscal. Core principles include innovation, continuous enhancement, and customer-centricity,” Murty said addressing the 28th annual general meeting here.
Murty said the NEDFi is steadfast in promoting startups by offering resources, funding, mentorship, and guidance. Ongoing efforts in risk management signify a commitment to financial robustness and future progress.
Highlighting NEDFi’s achievements during the 2022-23 fiscal, Murty said the net worth of NEDFi crossed a significant milestone of Rs 1000 crore. The corporation also declared a dividend @ 8% amounting to Rs 800 lakh to its shareholders.
NEDFihas facilitated private capital investment of over Rs 20000 crore in the region through its interventions. The major thrust areas are health care, tourism and hospitality, education, agri-allied and food processing, microfinance etc.
The Corporation’s sanction grew by 11% to Rs 798.03 crore from Rs 719.01 crore in the previous year. NEDFi expanded its focus on MSME by financing a remarkable total of 3,948 projects, marking a substantial increase from the 1,016 projects supported in the previous fiscal year.
As of March 31, 2023, financial assistance was extended to 12,642 projects with a cumulative sanction of Rs 7,385.03 crore. The loan outstanding grew by 26.54% to Rs 1,554.10 crore from Rs 1,228.11 crore in the previous year.
The Corporation, jointly with the Ministry of DoNER, had set up the North East Venture Fund (NEVF) with a corpus of Rs 100 crore. As of March 31, 2023, the fund had provided, in principle, the commitment of Rs 93.17 crore for 62 portfolio companies.
In FY23, the Corporation made significant strides in promoting entrepreneurship and capacity building across the North Eastern region through a diverse array of initiatives.
This included organizing business meets for first-generation entrepreneurs, mentoring assistance through Business Facilitation Centres, capacity-building programmes, sustainable livelihood programmes, marketing support etc.
