YEREVAN (Panorama.am) — Russia is set to supply a new batch of weaponry to Armenia in the near future as part of an agreement signed between the two states, President Serzh Sarkisian said Wednesday, adding the implementation of a new loan agreement worth $100 million will begin after its approval on all the intergovernmental levels.

“By the end of this year we will realize the previous contract. We are expecting new supplies in the coming days, and until the end of the year we will finalize all issues regarding the previous contract,” Sarkisian said in an interview with RIA Novosti.

Back in June 2015, a $200 million agreement was signed between Armenia and Russia to finance supplies of Russian-made military products to Armenia.

“We have already signed a new contract in Yerevan, It needs to be considered by all the relevant agencies in Russia and Armenia and later undergo a ratification procedure. Afterwards we will embark on the implementation of the project in cooperation with Russian manufacturers. However, it will not be a rapid process,” the president said.

Under the new draft agreement approved by the Armenian Government on 12 October, Russia will provide a state credit to Armenia to finance the supplies of Russian military products.

According to the agreement, the loan will be issued with a maturity date of 15 years, with an annual interest rate of 3%. Armenia can use the loan in the period from 2018 to 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

Aurora Pledges $200,000 for Beirut Disaster Relief

The Co-Founders of the Aurora Humanitarian Initiative Noubar Afeyan, Vartan Gregorian and…

Former Glendale Mayor Larry Zarian Passes Away

GLENDALE — Former Glendale Mayor Larry Zarian has died on Thursday at…

President Sarkisian Withdraws Armenian-Turkish Protocols from Parliament

YEREVAN — Armenian President Serzh Sarkisian has recalled from parliament protocols on…

PM Pashinyan and Secretary Blinken Discuss Armenian-Azerbaijani Peace Treaty and Baku-Stepanakert Dialogue

YEREVAN — Prime Minister Nikol Pashinyan discussed with U.S. Secretary of State…