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| NEDFi seeks Rs 2,000 cr assistance to fund new projects |
| Press Trust of India / New Delhi Aug 07, 2009, 17:07 IST |
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The North Eastern Development Finance Corporation (NEDFi) today urged the central government to provide Rs 2,000 crore assistance to meet growing market demand and finance new projects.
NEDFi Chairman and Managing Director K N Hazarika said he would meet Prime Minister Manmohan Singh to apprise him about the financial position of NEDFi, which was set up by Singh himself when he was the Finance Minister of the country.
In the period from April 2007 to March 2009, Expression of Interest and Industrial Entrepreneurs Memorandum (IEM) indicated proposed investment in NE Region at Rs 16,798 crore.
"Even if only 20 per cent of the aggregate debt requirement of this proposed investment has to be tapped, NEDFi's fund requirement in next five years would be about Rs 2,000 crore," Hazarika told reporters here.
He said improved law and order situation coupled with appropriate policy initiatives by the government of India in the form of North East Industrial and Investment promotion policy 2007 has generated lot of interest among investors in sectors like cement, power, steel, road, railways, tea, healthcare, higher and technical education, tourism and hospitality etc.
"North-East is poised for massive growth in the next few years," Hazarika said.
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