YEREVAN — Russia will provide Armenia with a loan of $270 million for a major repair of the second unit of the Armenian nuclear power plant in Metsamor that will extend the service life of the facility from 2014 to 2018.

During a Wednesday session the Armenia government approved the proposal on signing a corresponding agreement with the Government of Russia. Finance Minister Gagik Khachatryan said under the agreement the Russian side will provide the loan for a period of 10 years at a rate of 3% per annum with the first payment scheduled for January 15, 2019.

The Metsamor plant located some 30 kilometers west of Yerevan, was built in the 1970s but was closed following a devastating earthquake in 1988 that killed some 25,000 people and devastated much of northern Armenia.

The plant generates about 40 percent of Armenia’s electricity. Its longer-than-planned repairs in 2013, according to government officials, necessitated a 10-percent rise in electricity tariffs because of the accumulated debts to the distribution company.

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