Armenia will raise new funds to upgrade the Nuclear Power Plant in Metsamor, Minister of Territorial Administration and Infrastructures Suren Papikyan said in the parliament on Thursday, May 7.

According to him, authorities are planning to change the format of financing, and no funds from Russia will be attracted.

“Armenia is considering raising new funds right. And we are negotiating with partners to not extend the loan agreement that has expired,” Papikyan explained.

Most of the $270 million loan provided by Russia has already been spent on the modernization of the NPP.