The North Eastern Development Finance Corporation Limited (NEDFi) held its 27th annual general meeting today at its registered office in Guwahati to present its annual report for 2021-22 to shareholders.
The year had the highest growth of sanctions and disbursements and also crossed gross profit of Rs 100 crore, a release stated.
A panoramic view of last year’s financial performance of the corporation shows noticeable improvement in all parameters and NEDFi now has better shock absorbing capability, it added.
The corporation has, till date, facilitated around Rs 18,000 crore of capital investments in the region through its interventions. The major thrust areas are healthcare, tourism and hospitality, education and agri processing.
In the 2021-22 fiscal year, the gross income increased year-on-year by 7.77 percent to Rs 199.21 crore against Rs 184.84 crore.
As on March 31, 2022, the corporation had extended financial assistance to 8,694 projects with cumulative sanction and disbursement of Rs 6,587 crore and Rs 4,949 crore respectively. The loan outstanding as on March 31, 2022 was Rs 1,228.11 crore against Rs 1,104.50 crore in the previous year.
“The corporation will continue to focus on the micro, small and medium enterprises and micro borrowers by extending financial assistance at concessional rate of interest, while supporting projects funding to all major sectors, mentoring assistance, capacity building, marketing linkages, develop new products and services and use of technology to reach out to the un-served and under-served areas for more geographical coverage,” the release stated.
One of the new initiatives launched in the past financial year was the North East Venture Fund, a joint project with the Union Ministry of DoNER, which has a corpus of Rs 100 crore. As on March 31, 2022, the fund had provided an in-principle commitment of Rs 81.86 crore for 51 portfolio companies.