The newly established entrepreneurial fund of the US State Department, intended for financing regional projects in the South Caucasus and Central Asia, will be led by Konstantin Sokolov, an investor of Russian descent living in Chicago. This was reported by the British publication The Guardian.
The State Department has confirmed Sokolov's appointment. According to The Guardian, he is one of 36 major donors who, according to US President Donald Trump, have contributed over $350 million to the construction of the new "exhibition hall" of the White House.
This concerns the TRIPP+ (Trump Route International Partnership Project) entrepreneurial fund, of which Sokolov is the founder and president. The fund is associated with the TRIPP trade corridor project, which is planned to run through southern Armenia and Azerbaijani territory. The initiative aims to promote the development of transport, energy, and strategic mining sectors.
According to the State Department, the current volume of the fund is $201 million, and it can provide loans, grants, and investments for private sector projects. Funding is intended for several countries in the South Caucasus and Central Asia, including Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.
The Guardian reminds that during his visit to Yerevan in February, US Vice President Jay D. Vance presented the TRIPP+ initiative as a large-scale regional transformation project, stating that it could create new opportunities for trade, transit, and energy cooperation.
In May, US Secretary of State Marco Rubio and Armenian Foreign Minister Ararat Mirzoyan signed the economic and security agreement for TRIPP. At that time, Mirzoyan noted that the initiative could contribute to the growth of economic activity and prosperity in both Armenia and the US.
The publication also points out that it is still unclear whether Sokolov will receive any financial compensation for his activities in the fund, as well as what benefits his associated business structures may gain.
Konstantin Sokolov is known as one of the major players in the telecommunications sector of Armenia, being a shareholder of Viva Armenia. He is also involved in the Northern Pillar Energy Consortium project, which aims to connect Europe and Africa through clean energy and fiber optic infrastructure. Additionally, Sokolov manages Pelagos Data Centres and has founded the investment companies IJS Investments and Gotthard Investment AG.
Experts in the field of US foreign assistance interviewed by The Guardian noted that the selection of leaders for such funds is a common practice and is carried out with the involvement of the White House. However, they stated that individuals holding such positions should not gain personal benefits from the investments made.
The US has been creating similar entrepreneurial funds since 1989. The first programs were launched in Eastern Europe after the collapse of the Soviet Union. The TRIPP+ fund was also created based on the legislative mechanisms of that time.
The publication also notes that the fund's budget may significantly increase in the future. This was hinted at by Jeremy Levin, an official from the State Department's Bureau of External Assistance, who stated in April that approximately $400 million in funding has already been secured for the TRIPP+ initiative.
