US creates $200 million TRIPP+ fund in Armenia

A new US State Department fund worth more than $200 million is being established in Armenia, to be headed by investor Konstantin Sokolov. The funds will be directed toward the development of transport and energy infrastructure, as well as critical minerals, as part of the TRIPP trade corridor through the South Caucasus and Central Asia.

The TRIPP+ fund gets its name from “Trump Route for International Peace and Prosperity” and covers a 27-mile route through southern Armenia and Azerbaijan. It is authorized to provide loans, grants, and equity investments for strategic private-sector development in the region.

Konstantin Sokolov is a Russian-born investor with more than 20 years of experience in private equity and infrastructure projects. He is the founder of IJS Investments in Chicago and Gotthard Investment AG in Zurich, as well as chairman of Pelagos Data Centres and the Northern Pillar Energy Consortium. Sokolov owns a substantial stake in Viva Armenia, Armenia’s largest telecommunications company. He has not previously held government positions, but has been actively involved in financing political campaigns in the US: during President Donald Trump’s second term, he donated more than $12 million to Republican organizations, including $11 million to the MAGA Inc. super PAC. In the past, he also made small contributions in support of Democrats, including $3,600 to Barack Obama’s 2008 campaign.

During a visit to Yerevan, JD Vance, US Vice President, called the project part of a “historic transformation” that would open up new opportunities for trade and transit. In late May, Marco Rubio, US Secretary of State, and Ararat Mirzoyan, Armenia’s Minister of Foreign Affairs, signed the TRIPP agreement, laying the groundwork for economic cooperation that, according to Mirzoyan, would allow Armenians to “earn and achieve prosperity.”

The TRIPP+ fund will be part of a broader package of strategic US investments in Armenia, including projects in nuclear energy and infrastructure. According to the State Department, its activities will be accompanied by annual reporting and independent audits to ensure transparency and prevent conflicts of interest.