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Georgia takes out loan to purchase French air defense systems

By Ryan Maass   |   Dec. 30, 2015 at 4:31 PM
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WASHINGTON, Dec. 30 (UPI) -- Georgia lawmakers ratified a loan agreement outlining a $90 million loan from France to purchase air defense systems from the country.

The loan, worth 82.82 million euros, was presented to the Georgia Parliament by the Georgia Ministry of Defense as part of their planned reforms for the country's armed forces and related programs.

Agenda.ge reports the bulk of the loan will be used to purchase the air defense systems, while the remaining money will be used to fund other risk management expenses. In return, Georgia will pay between 1.27 and 2.1 percent in interest.

The loan ratification follows an earlier agreement signed in July between the Defense Ministry and France-based Thales-Raytheon Systems, which produces surveillance radars and additional land-based defense equipment.

Georgia defense officials have not disclosed exactly which type of weapons will comprise their planned air defense system.

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