Russia to Lend Armenia $100 Million for Purchasing Arms

iskandarrussianarmsThe Russian government is expected to provide Armenia with an additional export loan of $100 million for purchasing modern arms, Armenpress reports.

The ratification of the agreement between the Armenian and Russian governments has been included on the agenda of each Cabinet’s October 12 meeting.

According to the agreement, the loan repayment term is 20 years, 5 of which is a grace period with a 3 % annual interest rate.

Provisions of the agreement also state that a separate agreement will be signed between the Defense Ministry of Armenia and Rosoboronexport defining the terms and conditions of the deal.

Previously, a credit agreement of $200 million for arms purchases was signed with Russia on June 26, 2015.

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