The Former Yugoslav Republic of Macedonia got 100 million euros ($122.8 million) in loans from the European Investment Bank to bolster private businesses and create jobs.

The funds will be transferred to the Macedonian Bank for Development and onto local banks at “lower rates” as financial support for small and medium enterprises in the energy, environment protection and services sector, the European Union’s lending arm said in an e-mail today.

The loans will help “reduce unemployment levels and improve the quality of life of the country’s citizens,” the lender said.

To contact the reporters on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net