YEREVAN. – The Government of Armenia has allocated advance funds for a defense loan from Russia.

The respective decision was adopted at Thursday’s Cabinet session.

At the meeting, Acting Minister of Defense Seyran Ohanyan stated that Armenia needs to invest 214.2 million Russian rubles (approx. $3,389,777), or 10 percent of the amount—that is, 2 billion 142 million rubles (approx. $33,897,771)—stipulated in the agreement.

“The advance funds are required to get the loan,” added Ohanyan. “And the loan—to purchase the necessary engineering and mechanized equipment.”