A fund managed by an ANIF subsidiary will return 3.7 billion drams to the state, Armenia’s State Property Management Committee announced.

According to the statement, in 2020, amid the economic challenges caused by the COVID-19 pandemic, the Armenian government adopted a decision to implement long-term development programs aimed at stimulating strategically important investments with a total budget of 80 billion drams.

Within the framework of the first program, the state acquired in two stages units of the “Entrepreneur + State Anti-Crisis Investments” closed specialized contractual investment fund, managed by the “Entrepreneur + State Anti-Crisis Investment Manager” company, a subsidiary under the “Armenian National Interests Fund” (ANIF). The total value of the acquisition amounted to 10 billion drams.

Between 2021 and 2023, the fund made equity investments in several closed joint-stock companies.

Under a donation agreement signed on September 11, 2024, management powers over the shares of the “Entrepreneur + State Anti-Crisis Investment Manager” company were transferred from ANIF to the State Property Management Committee. Following this transfer, the manager reviewed the issue of selling the shares owned by the fund.

As a result, the manager was authorized to sell the fund’s shares within a specified period. The sale price was set as the total amount invested in the commercial companies plus accrued interest calculated through December 31, 2025, minus paid dividends.

The annual interest rate for calculations was set at 10.2720%, corresponding to the weighted average yield of medium-term government treasury coupon bonds circulating as of June 30, 2025.

Share sale transactions involving four companies have already been completed.

The total amount invested by the fund in those companies was 2.9 billion drams, while the total sale amount reached 3.7 billion drams.

Under a government decision dated May 7, 2026, the chairman of the State Property Management Committee was instructed to take steps to redeem the fund’s units worth 3.7 billion drams, after which the funds will be transferred to Armenia’s state budget.

ANIF has been undergoing liquidation procedures since October 2025, following an earlier government decision. As part of the liquidation process, a list of creditors was formed, including the Office of the Prime Minister and the Ministry of Economy, each with claims of 1.8 billion drams, as well as ARFI CJSC with a claim of 100 million drams. Total obligations amounted to 3.7 billion drams.