Eng
Amundi-Acba will invest USD 20 million from pension fund assets under its management in Firebird’s project to build an artificial intelligence data center in Armenia.
The project also sets an important precedent for Armenia’s financial market: for the first time, six financial institutions have joined forces to support the development of AI infrastructure in the country.
The formation of this syndicate marks the first direct investment commitment by pension funds following the amendments made in March 2025 to the Law of the Republic of Armenia on the Funded Pension System.
Prior to undertaking this commitment using pension fund assets, Amundi-Acba paid from its own profits to AFRY, a multi-national company, to conduct a thorough due diligence and a number of financial analyses.
This decision reflects our commitment to the responsible management of pension fund assets, with a focus on creating long-term value for beneficiaries, ensuring portfolio diversification, and localizing internationally recognized best practices.
“The priority of the funded pension system is social; to ensure decent pensions for future retirees; and it also serves the development of Armenia’s economy,” said Jean Mazedjian, the CEO of Amundi-Acba․ “This investment demonstrates that pension assets can be managed in a prudent manner while contributing to the development of strategically important sectors for the country’s future.”
The AI data center, to be built by Firebird, is expected to become the first and largest AI data center in the region. The project is being developed in partnership with NVIDIA, Dell Technologies and the Government of Armenia.
The project is expected to strengthen Armenia’s position as a regional technology hub, support the development of capital markets and create new opportunities for economic growth.
“This is an important step for Armenia’s financial system,” said martin Galstyan, the Governor of the Central Bank of Armenia. “It shows that local institutions have the capacity to evaluate and finance projects of international scale, while also channeling capital into sectors that can drive long-term economic development.”
Firebird’s project is among the largest technology investments in Armenia’s history. With a total size of USD 300 million, the initiative represents a significant step forward in the development of the country’s digital infrastructure.
Representatives from technology and diplomatic communities have welcomed the project, viewing it as a sign of Armenia’s growing role in advanced technologies, innovation, and investment attraction.
Mkhitar Hayrapetyan, Minister of High-Tech Industry of the Republic of Armenia, described the initiative as an investment not only in Armenia’s technology sector, but also in the advancement of science and economic development.
From the perspective of pension fund management, this transaction is not only a significant investment decision, but also an important example of how pension funds can contribute to the development of Armenia’s economy while protecting the interests of beneficiaries.
