On May 13, 2026, Uzbekistan's National Investment Fund — UZNIH conducted one of the largest transactions for the placement of state assets on the stock exchanges of London and Tashkent. The government sold 31% of the fund's shares, attracting over $600 million.
The success of UZNIH creates an interesting basis for comparison with Armenia's National Interests Fund — ANIF. Both state entities were created to attract investments and promote economic development, but their mandates, governance systems, and control mechanisms were significantly different.
UZNIH entered the international capital market, ensuring significant revenues for the state budget, while ANIF was dissolved, recording massive losses of state funds.
The management of UZNIH was entrusted to the American investment group Franklin Templeton, which shapes the fund's strategy, whereas there was no such separation in ANIF.
Thus, UZNIH operates in a strict external control environment, while criminal proceedings have been initiated regarding the activities of ANIF.
