YEREVAN. – The European Investment Bank (EIB) will give Armenia a €50-million loan for providing assistance to the small and medium-sized enterprises in the country.

Chairman Arthur Javadyan of the Central Bank of Armenia, and Vice-President Jan Vapaavuori of the EIB signed the respective loan agreement on Friday in Yerevan, the capital city of Armenia.

Consumer loans without collateral up to AMD 2,000,000

Up to December 30 consumer loans without collateral up to AMD 2,000,000 will be granted only with annual interest rate of 19-20%

The Central Bank, in turn, will transfer these funds to the banks and loan organizations, in order to provide direct loans to businesses in Armenia.