NEDFi’s 28th general meeting held in Guwahati

 Focus on small micro and small enterprises

GUWAHATI: North Eastern Development Finance Corporation Limited (NEDFi) held its 28th Annual General Meeting recently at its registered office in Guwahati to present its Annual Report for the Year 2022-23 to the shareholders. While welcoming the shareholders, CMD, and NEDFi, PVSLN Murty highlighted NEDFi's remarkable achievements during the financial year 2022-23.

The year marked a historic milestone by achieving record-breaking figures in various key parameters such as extending financial assistance, projects assisted, loan portfolio, gross profit, etc. Notably, the net worth of NEDFi crossed a significant milestone of Rs 1000 crore. The corporation also declared a dividend of 8 per cent amounting to Rs 800 lakh, to its shareholders.

NEDFi has facilitated private capital investment of over Rs 20,000 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.

NEDFi significantly 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, a commitment of Rs 93.17 crore for 62 portfolio companies.

The NEDFi Micro Lending Scheme played a pivotal role in empowering micro entrepreneurs by providing direct financial support for various income-generating activities through business correspondents at affordable interest rates. The NEDFi Micro Finance Scheme provides microcredit to microfinance institutions (MFIs) operating in the region at affordable interest rates to offer door-step credit support in far-flung, unserved, and underserved areas. In FY23, the Corporation made significant strides in promoting entrepreneurship and capacity building across the North Eastern region through a diverse array of initiatives. It remains dedicated to supporting micro and small enterprises, microfinance, skill development, and women's empowerment stated a press release.

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