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. Last Updated: 07/27/2016

Armenia Approves Nuclear Loan Deal

YEREVAN, Armenia -- Armenia's parliament on Wednesday approved a loan deal that will provide the country with $20 million from Russia to buy nuclear fuel and upgrade safety equipment at Armenia's nuclear power plant.

The Medzamor power plant, which produces 40 percent of Armenia's power, has already run up a $22 million debt to Russia for fuel supplies, said Armenian Energy Minister Meruzhan Mikaelyan.

"The ratification of this credit agreement will be a guarantee of the continued work of the nuclear power plant,'' Mikaelyan told parliament.

Under the agreement, the former Soviet republic in the Caucasus will receive $13 million for fuel purchases this year, and the remaining $7 million in 2000.

The Medzamor plant is located 32 kilometers west of the capital, Yerevan.