Russia loans $200 to modernize Armenian Army

 

 

 

The Armenian National Assembly voted 98 to 1 today to approve a $200 million loan agreement with Russia.

Under the agreement Russia will provide Armenia with a $200 million loan to purchase sophisticated Russian weapons at a discount.

The loan will be given for the term of 13 years with a three-year grace period at a three percent interest rate, Armenian Deputy Defense Minister Ara Nazaryan  told a parliament session today.

“We are acquiring a┬ákind of┬áweapons, which have not been at┬áthe disposal of┬áthe Armenian armed forces previously,” Ara Nazaryan aid.

“Armenian armed forces will get new modern arms, which will have a┬ásubstantial impact on┬ábalancing forces in┬áthe region,” he added.

The money will be spent to purchase modern Russian weapons at a discount in 2015-2017, he said.