Yerevan to receive $100-million military loan from Moscow

Yerevan to receive $100-million military loan from Moscow

YEREVAN, October 12. /ARKA/. At its regular Thursday meeting, the Armenian government okayed a proposal to sign a $100-million loan agreement with Russia to purchase defense armament.

In accordance with the agreement, Russia will provide an export credit loan to Armenia for financing supplies of Russia-made ammunition for Armenia’s army.     

The loan will be extended for 15 years (from 2023 to 2037) at a 3% annual interest rate, and Armenia has to use these financial resources at a period between 2018 and 2022. 
It is specified in the government’s decision that Armenia has to use the loan for financing up to 90% of cost of every contract on supply of products. It is also stipulated here that the Armenian side must pay no less than 10% of the cost of any contract.  

The government says in its decision that the aim of the agreement is to strengthen friendly relations between the two countries. 

In June 2015, Armenia signed a $200-million an export credit loan agreement with Russia for acquiring Russia-made military industry products. 

The loan was provided for 13 years with a three-year grace period at a 3% annual interest rate. 

Under this agreement, Armenia buys from Russia Smerch multiple rocket launchers, Igla surface-to-air missile, TOS-1 A multiple rocket launchers, Tigr armored vehicles and 9М113М wire-guided anti-tank missiles as well as sniper riffles, engineering and communications devices. --0--- 

12:43 12.10.2017





 

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