Yerevan, Oct. 12 (Xinhua) -- During its session in Yerevan on Thursday, the Armenian government approved the proposal to sign an agreement with Russia in which Russia will provide 100 million U.S. dollars of loan to Armenia, according to the official Armenpress.
The state export loan will be used to purchase the latest armaments and arms equipment from the Russia. The loan will be provided for a term of 20 years.
According to the agreement, the Armenian Ministry of Defense and JSC Rosoboronexport, a Russian arms export/import company, will sign contracts on procedure, deadlines of provision of weaponry and equipment and other conditions.
Armenia signed with Russia a similar agreement in 2015 on 200 million U.S. dollars loan to purchase arms, which is still in force.