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DIMAPUR — The Ministry of Development of North-East Region (DoNER) reported that the North Eastern Development Finance Corporation Ltd (NEDFi) has sanctioned INR 24.88 crore to Nagaland between January 1 and November 30, 2023.
It informed that INR 18.69 crore has been disbursed in diverse sectors which included education and training, food processing, handlooms and handicrafts, healthcare, hotels and tourism, microfinance etc.
On January 1, the Ministry of Development of North-East Region stated that NEDFi has sanctioned INR 766.47 crore and disbursed INR 547.11 crores for 5338 projects in the NE region from January to November 2023.
For the development of Micro and Small Enterprises (MSE) sector, the Corporation has taken the initiative to identify and nurture potential first-generation local entrepreneurs and provide finance on easy terms to help them set up viable industrial projects.
To assist small borrowers in un-served and underserved areas of the region, ‘NEDFi Micro Finance Scheme’ was for wholesale micro-credit to microfinance institutions (MFIs) for on-lending to low-income individuals was launched, while ‘NEDFi Micro-Lending Scheme’ to provide financial assistance directly to micro-entrepreneurs, through business correspondents were also launched.
It stated that NEDFi, in collaboration with the Ministry of Development of North Eastern Region (MDoNER), has set up the North East Venture Fund (NEVF), a dedicated venture capital fund to encourage start-up ventures in the region.
As per Northeast state-wise amount sanctioned by NEDFi between 1 January 2023 to November 30, 2023, NEDFi had sanctioned the highest amount to Assam totalling INR 500.05 crore out of which INR 353.25 crore has been disbursed, followed by Meghalaya with INR 95.34 crore sanctioned with disbursement of INR 55.69 crore.
The NEDFi had sanctioned INR 46.75 crore for Manipur by disbursing INR 29.33 crore, while for Mizoram it sanctioned INR 43.65 crore with the disbursement of INR 31.07 crore and for Nagaland state, it had sanctioned INR 24.88 crore out of which INR 18.69 crore was disbursed.
NEDFi has also sanctioned INR 21.92 crore for Tripura, INR 19.52 crore for Sikkim and INR 14.37 crore for Arunachal Pradesh.