YEREVAN. – The Export-Import Bank of China (China Exim Bank) will provide a loan to Armenia to modernize its customs control service.

The respective loan agreement draft was approved at Thursday’s Armenian Cabinet meeting.

First Deputy Minister of Finance Pavel Safaryan informed that Armenia will be getting a 155.5-million-yuan (approx. $25,100) loan to purchase the necessary equipment, and primarily from China.

The loan will be provided on concessional terms, with a 2 percent annual interest rate and 0.25 percent for services.

The equipment supply contract will be signed with Nuctech Company of China, and include portable x-ray scanners that detect explosive devices, weapons, medication, and several other high-level contraband items.