In 2020, in response to the economic challenges caused by the COVID-19 pandemic, the Government of the Republic of Armenia launched long-term economic development programs with a total budget of AMD 80 billion to promote investments of strategic importance to the country's economy.

Under the first program, the Government acquired, in two stages, investment units of the Entrepreneur + State Anti-Crisis Investments Closed-End Specialized Contractual Investment Fund, managed by Entrepreneur + State Anti-Crisis Investment Manager CJSC, a subsidiary of the Armenian National Interests Fund CJSC (ANIF). The total value of the acquired investment units amounted to AMD 10 billion.Between 2021 and 2023, the Fund made equity investments in ten closed joint-stock companies.

Under a donation agreement signed on 11 September 2024, the authority to manage the shares of the investment management company was transferred from ANIF to the State Property Management Committee. Following the transfer, the management company initiated the process of disposing of the Fund's equity holdings.

Accordingly, the management company was authorized to sell the Fund's shares within the prescribed period at a price equal to the amount originally invested plus interest accrued from the investment date through 31 December 2025, less any dividends already paid. The annual simple interest rate was set at 10.2720%, corresponding to the weighted average yield of medium-term government treasury coupon bonds outstanding as of 30 June 2025.

As part of this process, share purchase agreements were completed for four companies. The Fund's total investment in these companies amounted to AMD 2.9 billion, while the total proceeds from the sale reached AMD 3.7 billion.

By a Government decision dated 7 May 2026, the Chairman of the State Property Management Committee was instructed to take the necessary steps to redeem the Fund's investment units in the amount of AMD 3.7 billion. As a result, the full amount will be transferred to the State Budget of the Republic of Armenia.