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Russia is set to supply a new batch of weaponry to Armenia in the near future as part of an agreement signed between the two states, President Serzh Sargsyan said Wednesday, adding the implementation of a new loan agreement worth $100 million will begin after its approval on all the intergovernmental levels.

“By the end of this year we will realize the previous contract. We are expecting new supplies in the coming days, and until the end of the year we will finalize all issues regarding the previous contract,”Sargsyan said in an interview with RIA Novosti.

Back in June 2015, a $200 million agreement was signed between Armenia and Russia to finance supplies of Russian-made military products to Armenia.

“We have already signed a new contract in Yerevan, It needs to be considered by all the relevant agencies in Russia and Armenia and later undergo a ratification procedure. Afterwards we will embark on the implementation of the project in cooperation with Russian manufacturers. However, it will not be a rapid process,” the president said.

Under the new draft agreement approved by the Armenian Government on 12 October, Russia will provide a state credit to Armenia to finance the supplies of Russian military products.

According to the agreement, the loan will be issued with a maturity date of 15 years, with an annual interest rate of 3%. Armenia can use the loan in the period from 2018 to 2022.