3.7 billion drams to be returned to the state in the ANIF case

The State Property Management Committee reports that in 2020, considering the economic challenges posed by the COVID-19 pandemic, a decision was made by the Government of Armenia to implement long-term economic development programs aimed at stimulating economically significant investments, with a total budget of 80 billion AMD.

Within the framework of the first program, the state acquired shares of the 'Entrepreneur + State Anti-Crisis Investment Manager' LLC (Manager) managed by the 'Armenia National Interests Fund' LLC (ANIF), under a specialized contractual investment fund named 'Entrepreneur + State Anti-Crisis Investments', with a total value of 10 billion AMD in two phases.

Between 2021 and 2023, the Fund conducted equity investments in several closed joint-stock companies. Based on a donation agreement signed on September 11, 2024, the management authority of the share package of the 'Entrepreneur + State Anti-Crisis Investment Manager' LLC was transferred from ANIF to the State Property Management Committee, after which the Manager considered the issue of selling the shares owned by the Fund.

As a result, the Manager was allowed to sell the Fund's shares within the specified period, setting the sale price equal to the sum of the invested amount in the trading company and the accrued interest from the date of investment until December 31, 2025, reduced by the amount of paid dividends. The annual interest rate for calculating the interest (simple interest) was set at 10.2720%, corresponding to the average weighted yield of government treasury bonds in circulation as of June 30, 2025.

The share purchase and sale process was conducted for four companies. The total amount of investments in these companies by the Fund was 2.9 billion AMD, while the total amount of the sales reached 3.7 billion AMD. By the government decision on May 7, 2026, the President of the State Property Management Committee was instructed to take steps towards the amortization of the Fund's shares in the amount of 3.7 billion AMD, as a result of which this amount will be transferred to the state budget of Armenia.