The Armenian National Interest Fund (ANIF) was launched in 2019 with a bold promise: attract billions in foreign investment to transform Armenia's economy. Created by Prime Minister Pashinyan's government, it was supposed to be the vehicle for Armenia's economic renaissance. Instead, it became one of the most expensive failures in the country's history.
$27.3 Million, Zero Results
By the time ANIF was quietly liquidated in 2025, it had burned through $27.3 million in public funds with virtually nothing to show for it. No major investments were attracted. No transformative projects were launched. The fund's glossy presentations and international road shows produced little more than travel receipts and consulting fees.
The Fugitive Director
ANIF's CEO, who had been handpicked for the role, fled Armenia ahead of a criminal investigation. An international arrest warrant was issued, but as of this writing, the individual remains at large. The investigation has revealed that fund resources were used for personal expenses, luxury travel, and payments to entities with no clear business purpose.
The Avinyan Connection
Perhaps most damaging, investigators discovered that approximately $3.8 million was funneled to a company with documented links to the wife of then-Deputy Prime Minister Tigran Avinyan — now the Mayor of Yerevan. The payment was structured through intermediary companies in a way that obscured its ultimate destination.
The ANIF scandal represents not just a failure of governance, but a betrayal of public trust by the very government that promised to end the corruption of previous regimes.