On Thursday, May 23, the Armenian government decided to dissolve the Armenian National Interests Fund (ANIF) during its session. Until the liquidation process is completed, the management of the fund will be transferred to the State Property Management Committee.
The decision to initiate the liquidation of ANIF was made back on March 14, but the reasons and grounds for this step were not disclosed.
The government's resolution project stipulates that the management of ANIF's shares will be transferred to the State Property Management Committee of the Ministry of Territorial Administration and Infrastructure. Previously, the management of ANIF was under the Ministry of Economy and earlier under the Prime Minister's Office. At one point, ANIF managed the state’s share in the Zangezur Copper-Molybdenum Combine.
One of ANIF's largest projects was the creation of the national airline Fly Arna. However, the program failed: the airline suspended flights, and its license was revoked.
The state invested over 4.8 billion drams (more than $12 million) in the project. Another significant investment by ANIF was the joint construction of a solar power plant with the Arab company "Masdar" in Dashtadem, Talin, which did not commence despite the planned timelines.
ANIF also co-financed the opening of the Hard Rock Cafe in downtown Yerevan, spending at least $500,000 of public funds. Although the restaurant is operational, the International Monetary Fund questioned the advisability of such investments.
Earlier, Armenian media reported on corruption crimes within the fund, and ANIF's activities were investigated by three bodies: the Corruption Prevention Commission, the International Monetary Fund, and the State Control Service.
