October 30, 2017 - 14:40 AMT
Armenia, Russia to sign $100 mln loan deal by year-end: minister

The Armenian government will by the end of the year approve a $100 million loan agreement for acquiring armament from Russia, finance minister Vardan Aramyan said on Monday, October 30, according to Aysor.am.

"We'll sign the deal this year and implement it in 2018," Aramyan said.

According to him, once the document is inked, the defense agencies of the two countries will sign "certain agreements."

"There is some confidentiality here as no concrete products can be divulged for now," Aramyan said.

The government had given preliminary approval to the agreement in mid-October. The state export credit will be provided for 20 years (including a five-year grace period) with a 3% annual interest rate.