At a meeting on August 29, the Armenian government finalized the process of liquidating the Armenian National Interests Fund (ANIF). This decision marks the completion of a process initiated earlier this year by Prime Minister Nikol Pashinyan.
Established in April 2019 to boost investments in the country's economy, ANIF undertook several major projects during its existence. These included the creation of the airline Fly Arna and a joint venture with the Arab company Masdar to build solar power plants. However, both projects encountered significant difficulties: Fly Arna ceased operations, and the construction of the "Ayg-1" solar plant has yet to begin after five years.
The liquidation process of ANIF involves several financial transactions. The government allocated 1.7 billion drams (approximately $4.5 million) to settle the fund's obligations, with 1.2 billion drams (over $3 million) used to pay off loans, employee salaries, and final settlements. ANIF's remaining assets include more than 547 hectares of land in the Aragatsotn region and fixed assets worth 21.6 million drams (around $55,000).
The decision to dissolve ANIF raises questions about the effectiveness of state investments and asset management. Currently, the Investigative Committee of Armenia is conducting an investigation related to the fund's activities. The former leadership of ANIF, including ex-Chairman of the Board Tigran Avinyan, maintains that the fund's projects were successful, though specific achievements have not been detailed.
Previously, in late 2023, the International Monetary Fund pointed out issues in ANIF's operations, including concerns about accountability, transparency, and the overly broad mandate of the organization.
