The Cyprus Government and the European Investment Bank (EIB) will be signing a 100 million euro loan agreement in Nicosia Friday.

The agreement will be signed by Cyprus FinMin Harris Georgiades and EIB Vice President Mihai Tanasescu.

The 100 million euros will be used for the guarantee fund for Small and Medium Size Enterprises, for which an agreement was signed last year.

Cyprus and the Troika of the European Commission, the European Central Bank and the International Monetary Fund agreed on March 25 on a €10 billion bailout which included imposing losses on bank uninsured deposits as well as fiscal consolidation measures amounting to 7.2% of GDP by 2016.