Emirates Development Bank to sign deals with five partner banks

Emirates Development Bank to sign deals with five partner banks

Emirates Development Bank is set to sign agreements with five partner banks this week as it plans to boost lending to spur the growth of the industrial sector.

The lender, which last week set out a plan to help create 13,500 new companies and generate 25,000 jobs in support of the government's Operation 300bn strategy, will agree a 'core lending scheme' where it will match funding provided by banks to companies within five priority sectors, chief executive Faisal Al Bastaki told The National.

"We're going to deposit extra amounts, for example let's say Dh100 million with each bank, and then they will lend to