The Armenian National Assembly voted 98 to 1 today to approve a $200 million loan agreement with Russia.

Under the agreement Russia will provide Armenia with a $200 million loan to purchase sophisticated Russian weapons at a discount.

The loan will be given for the term of 13 years with a three-year grace period at a three percent interest rate, Armenian Deputy Defense Minister Ara Nazaryan  told a parliament session today.

“We are acquiring a kind of weapons, which have not been at the disposal of the Armenian armed forces previously,” Ara Nazaryan aid.

“Armenian armed forces will get new modern arms, which will have a substantial impact on balancing forces in the region,” he added.

The money will be spent to purchase modern Russian weapons at a discount in 2015-2017, he said.