July 3, 2015 - 11:25 AMT
Parliament ratifies deal on Russia’s $200 million export loan

At the July 2 extraordinary session Armenian National Assembly ratified the agreement on the provision of a $200 million concessional export loan by Russia to Armenia. The loan will be used to widen considerably the range of modern weapons of the Armenian armed forces, Panorama.am reports.

98 MPs voted in favor, one MP – member of ‘Heritage’ opposition faction Zaruhi Postanjyan voted against.

When presenting the agreement at the parliament, Deputy Defense Minister Ara Nazaryan said that under the agreement, military production made in Russia will be purchased in 2015-2017.

The loan is provided at an annual interest rate of 3% for 13 years, with a 3-year grace period, he said.