ArmInfo.The Armenian Government will adopt a new $ 100 million loan from Russia at the upcoming meeting. The draft law on ratification of the Agreement between the Government of the Republic of Armenia and the Government of Russia on granting the Government of the Republic of Armenia a state export loan", as well as the ratification of the agreement, is urgently included to the agenda of the Cabinet meeting on November 16.
Under the draft agreement, Russia will provide the Armenian side with a state export loan to finance the supply of Russian-made military products. The Armenian side uses the loan to finance up to 90% of the cost of each contract for the supply of products calculated in dollars. Prepayment will be at least 10% of the contract value and be implemented by the Armenian side in favor of authorized Russian organizations. The legislative initiative will be submitted to the National Assembly of Armenia in the prescribed manner.
The draft agreement, which the Armenian government approved on October 12, states that the loan is issued with a maturity of 15 years at 3% per annum. Repayment of the principal amount of the loan is scheduled to begin on May 15, 2023 and be completed on May 15, 2037. In the first six years, Armenia will annually repay a loan of $ 1.5 million, after which the amount of allocations will increase to $ 3.6- $ 3.8 million. Armenia should use credit funds in 2018-2022. Based on the loan agreement, separate agreements will be concluded between the Armenian Ministry of Defense and Rosoboronexport JSC on the order and timing of deliveries of arms and military equipment.