APSFC accords approval for 312 projects
Hyderabad, June 26 (UNI) Andhra Pradesh State Finance Corporation (APSFC) Chairman J Rambabu today said the Corporation, during entrepreneurs development programme organised all over the state, has accorded approval for 312 projects involving financial assistance of Rs 1,063.45 crore as against the annual target of Rs 900 crore in 2007-08.
Addressing mediapersons here, Mr Rambabu said the Corporation had already sanctioned an amount of Rs 150 crore to the SME projects during the initial three months of this financial year. The SFC had sanctioned Rs 705 crore, exceeding the annual target of Rs 672 crore during 2006-07.
Stating that the corporation was receiving overwhelming response from the entrepreneurs, he said Rs 338.87 crore worth construction projects and tourism-related hospitality industry construction projects costing Rs 109.30 crore were approved this year and were given more priority.
The Corporation's NPAs were reduced to 6.88 per cent from 16 per cent last year, he said, adding the rate of recovery had stabilised since last year.
The Chairman said the total accumulated losses of the corporation was Rs 80 crore. Total profit of the Corporation in the last financial year was Rs 27 crore.
APSFC was also co-financing the SMEs with HUDCO and NABARD.
UNI