YEREVAN, Nov. 6 (Xinhua) -- The Armenian National Assembly on Wednesday approved a deal with which Armenia will buy weapons through the loan from Moscow, according to Armenpress News Agency.
The deal was signed between the Armenian and Russian governments in October, under which Russia will provide 100 million U.S. dollars for Armenia to import modern weaponry from Russia.
The list of the type of arms to be supplied to Armenia are subject to change based upon an agreement between the technical and military leadership of defense ministries of both countries.
The credit is provided to the Armenian government for a period of five years and with a three percent interest rate, while the prices of the arms will be calculated according to internal prices in Russia.
Armenia has been in a process of modernizing its military with Russian arms using the low prices and state export loans offered by Russia in the frameworks of its strategic partnership with Armenia.
Russia and Armenia are both members of the Eurasian Economic Union (EEU) and the Collective Security Treaty Organization (CSTO).