Armenia to receive $100-million military export credit loan from Russia

(ARKA, Yerevan, 12 October 2017) At its regular Thursday meeting, the Armenian government okayed a proposal to sign a $100-million loan agreement with Russia to purchase defense armaments. In accordance with the agreement, Russia will provide an export credit loan to Armenia for financing supplies of Russia-made ammunition for Armenia’s army. The loan will be extended for 15 years (from 2023 to 2037) at a 3% annual interest rate, and Armenia has to use these financial resources at a period between 2018 and 2022. In June 2015, Armenia signed a $200-million an export credit loan agreement with Russia for acquiring Russia-made military industry products. The loan was provided for 13 years with a three-year grace period at a 3% annual interest rate. Under this agreement, Armenia buys from Russia Smerch multiple rocket launchers, Igla surface-to-air missile, TOS-1 A multiple rocket launchers, Tigr armored vehicles and 9М113М wire-guided anti-tank missiles as well as sniper riffles, engineering and communications devices.