YEREVAN. – The European Investment Bank (EIB) is happy to help in businesses’ loans in Armenia, with the national currency. 

EIB Vice-President Jan Vapaavuori on Friday noted the abovementioned, in Armenia’s capital city of Yerevan, commenting on the signing of the €50-million loan agreement with respect to providing assistance to the small and medium-sized enterprises in the country.

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%

As reported earlier, the Central Bank of Armenia, in turn, will transfer these funds to the banks and loan organizations, in order to provide direct loans to businesses in the country.

Vapaavuori said they expect at least most of these funds to be given in the Armenian national currency, the dram. He added that the Central Bank will assume the risks in connection with the currency fluctuations between the loan to be allocated in euros, and the eventual loan to be received in drams.