Armenia president: Armenia and Russia sign $100 million loan agreement

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Moscow will supply weapons to Armenia under the current contract soon, while the  iimplementation of a new $100 million loan agreement will begin after the countries finalize all agreements, President of Armenia Serzh Sargsyan said in an interview with RIA Novosti.

“By the end of this year, we will implement the previous agreement. We are expecting to receive new supplies the other day, and by the end of the year we will finalize all issues related to the previous agreement,”Sargsyan said.

In June 2015, an agreement was signed to provide Armenia with a state export credit for $ 200 million to purchase Russian-made military products. The new agreement has to be ratified and approved by all the agencies of both states, and “we will start working with the relevant manufacturers from the Russian side to implement this program”, Sargsyan said.

The draft agreement states that the loan is issued with a maturity of 15 years at 3% per annum. Armenia should use credit funds in the period from 2018 to 2022.

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