Economics

Russia to supply new batch of weapons to Armenia in coming days – President

Moscow will supply a new batch of weapons to Armenia in the near future under a $200 million agreement signed in 2015.  The implementation of a new $100 million loan agreement will start after all interstate arrangements are in place, Armenian President Serzh Sargsyan said in an interview with RIA Novosti.

“Till the end of the current year we will be implementing the previous agreement. We are waiting for new supplies in the coming days,” President Sargsyan said.

“We have signed a new agreement, which has to pass through all instances in Armenia and Russia and then be ratifies. After that we’ll start working with Russian producers to implement the program,” Serzh Sargsyan said. He added that it will take time.

According to the draft agreement, which the Armenian government approved on October 12, the Russian Federation will provide the Armenian side with a state export loan to finance the supplies of military products of Russian production.

The Armenian side will use the loan to cover up to 90% of the cost of each contract for the supply of products, calculated in dollars.

The loan will be issued with a maturity of 15 years at 3% per annum. Armenia should use credit funds between 2018 and 2022.

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