← Back to Aslan Kaa's site
Keynote presentation · May 2026

Noah's Ark Platform

Off-budget financing of the Republic of Armenia's national projects
through tokenization of pledged real estate
Kagirov Abdul-Hakim Akhmadovich · Aslan Kaa
NK-PRES-001-EN/2026
Slide 02 · Foreword

What this conversation is about

This is a conversation about how Armenia can accelerate its development by ten years without growing its external debt, without raising taxes, without giving up a single apartment to anyone.
— Kagirov A.-Kh. A., author of the project
Slide 03 · The reality today

Three constraints that
hold back Armenia's development

01

Budget is constrained

The pace of national project execution is limited by budget revenue and the conditions of international lenders. External debt cannot grow indefinitely; rates on external markets are high.

02

Diaspora is not engaged

Seven million Armenians abroad hold tens of billions of dollars of capital. Today there is no legally clean, transparent, and profitable instrument designed specifically for diaspora investment in the Homeland.

03

Sleeping assets

Hundreds of thousands of apartments, houses, and land plots in Armenia belong to owners who do not actively use them. This colossal "sleeping capital" is a resource for infrastructure financing without loss of ownership.

Slide 04 · The window of opportunity

A unique convergence
of circumstances

Slide 05 · The big idea

One cycle —
three winning parties

The property owner in Armenia keeps ownership and earns income.
The diaspora investor gets a collateralized, high-yield instrument.
The state of Armenia receives €100M of off-budget financing.

All three parties win. Without losses.
Without external debt growth. Without intermediaries.

Slide 06 · Three-fold solution

What each party receives

🏠

Owner

  • · The asset stays with the owner
  • · 2.75% annual coupon in Armenian Drams
  • · Free insurance
  • · 0% property tax
  • · 7–8% bonus at end of cycle
  • · "Co-Investor of Armenia" status

≈ 4.4% annual yield above alternatives without losing ownership

💰

Investor

  • · Senior — 5.5% coupon + RA MoF guarantee
  • · Junior (ART) — up to 13.5% per year
  • · Real collateral: Armenian real estate + insurance
  • · 0% capital gains tax for non-resident individuals
  • · DLT transparency in real time

The most protected digital asset in the region

🇦🇲

State

  • · Up to €1 billion in off-budget financing
  • · Without external sovereign debt growth
  • · National program acceleration of 5–7 years
  • · Financial sovereignty
  • · Armenia becomes a regional financial hub

Long-term strategic positioning of the RA

Slide 07 · Asset lifecycle

21 steps — from registration
to return

Every step is mapped to an article of HO-159-N or to a CBA Regulation.

Phase 1

Pool formation

8 steps · 4–8 months
  • Registration · KYC
  • Declaration · Valuation
  • Insurance · CFA1
  • Custody · Coupon start
Phase 2

Tranche issuance

5 steps · 1–2 months
  • Whitepaper
  • CBA confirmation
  • Senior tranche (70%)
  • Junior ART (30%)
  • Funds to the Fund
Phase 3

Project execution

4 steps · 3–7 years
  • Project funding
  • Construction + audit
  • Cash flow returns
  • NAV updates
Phase 4

Cycle closure

4 steps · year 7+
  • Senior redemption
  • Junior buyback
  • Encumbrance lifting
  • Reinvestment
Slide 08 · Pilot pool €100M

Eight parameters that
define success

100M €
Pool size
500
Owners
7yrs
Cycle
5.5%
Senior coupon
13.5%
Junior up to
320M ֏
CASP capital
2.75%
Owner coupon
38M €
RA budget NPV savings
Slide 09 · Industry impact

What the Noah's Ark
Fund finances

Nine sectors of Armenia's national economy accelerated through targeted financing of national projects from the Fund:

i

Roads & transport

Highways, bridges, airports, rail modernization — connecting regions and border hubs

ii

Energy

Small hydropower, solar plants, wind energy, distribution grid modernization

iii

Agro-industry

Processing complexes, irrigation, premium winemaking, export of Armenian brandies, cheeses, and fruits

iv

Tourism & hospitality

Hotels in Gyumri, Dilijan, Sevan; restoration of historical sites; tourist routes Garni–Geghard–Tatev

v

IT campuses

Technology parks in Yerevan, Gyumri, Vanadzor; centers of expertise in AI, blockchain, cybersecurity

vi

Education

Schools and universities with modern equipment; programs for diaspora returnees

vii

Healthcare

Regional hospitals, telemedicine, equipment for top clinics in Yerevan

viii

Housing for repatriates

Affordable housing for returning diaspora members; simplified repatriation programs

ix

Culture & heritage

Restoration of churches, museums, cultural centers; archive digitization; promotion of the Armenian cultural brand

Slide 10 · Roadmap

Four phases — with hard
transition gates

Phase 0 · m. 0–6

Preparation

  • JV with the RA bank-partner
  • International IP valuation
  • Documentation pack
  • Political alignment
◆ Gate: RA Government Resolution (subject to adjustment)
Phase 1 · m. 6–24

Pilot €100M

  • CASP licensing
  • Pool formation
  • Two tranche issuance
  • 5–10 national projects
◆ >80% on time · >90% redeemed · NAV +15% (subject to adjustment)
Phase 2 · m. 24–60

Institutionalization

  • Amendments L1+L2+L3+L5+L6
  • CBA as counterparty
  • Digital Dram issuance against the pool
  • Institutional investors €1B+
◆ Package adopted · CBA's first issuance (subject to adjustment)
Phase 3 · m. 60+

Scale and replication

  • Movables, IP, equity
  • Georgia, Kazakhstan, EAEU, EU
  • Revolving cycles 2 and 3
  • RA as regional hub
◆ No-limit horizons
Slide 11 · Competitive advantages

Seven reasons
there are no equivalents

I

Regulatory clarity

Armenia's HO-159-N is built on EU MiCA. The Platform is immediately recognized in the EU.

II

Win-Win-Win

All three parties (owner, investor, state) win simultaneously. No losses anywhere.

III

Diaspora channel

Seven million Armenians worldwide. Israel Bonds raised $50B+ in 75 years. Armenian diaspora in proportion — larger.

IV

Real collateral

Armenian real estate + insurance + RA MoF guarantee. Defense-in-depth.

V

Financial sovereignty

Funds without IMF, without external debt, without conditions. National programs accelerated by 5–7 years.

VI

Two-phase strategy

Quick start plus ambitious scaling. Path to €1B+ annual turnover.

VII

DLT transparency

Every transaction, every asset, every government action — publicly verifiable.

Slide 12 · Idea exclusivity

No equivalents exist.
Not in Armenia.
Not in the region. Not in the world.

The components exist separately: real estate tokenization, diaspora bonds, project finance. But no one has assembled them into a single system — under one jurisdiction, with one operator, under a unified regulatory regime, with sovereign guarantee participation and full asset-owner protection.

This gives Armenia a unique opportunity to become a regional financial hub for similar structures. Today — Armenia. Tomorrow — the model is replicated in Georgia, Kazakhstan, the Gulf states, the Balkans. And the headquarters, intellectual core, and regulatory expertise remain in Yerevan.

This is not a financial product.
This is long-term strategic positioning.
Slide 13 · Team and author

Author and rights holder

K
Kagirov A-Kh. A.

Kagirov Abdul-Hakim
Akhmadovich

Aslan Kaa · Founder & CEO

Architect and ideologue of the Noah's Ark Platform. Ready to lead the project from concept to industrial deployment in the Republic of Armenia and onward to replication in Georgia, Kazakhstan, EAEU, and EU countries.

The intellectual property of the project is the principal intangible asset, contributed to the joint venture's authorized capital following an international independent valuation by a firm of Duff & Phelps / Kroll / Houlihan Lokey / KPMG-VME / EY-VME standing.

The team is being assembled from leading specialists at the JV's incorporation stage.

Slide 14 · Contacts for business correspondence

Get in touch directly

Available for meetings with representatives of the RA Ministry of Finance and the Central Bank of Armenia, investment funds, partner banks, and members of the diaspora — in person or by video.

Website
www.aslankaa.com
Email
aslankaa@yandex.ru
aslankaa@yandex.ru
Phones
+7 (969) 795-55-55
+7 (925) 203-77-77
Languages
Russian · English · on request — Armenian, French
Social networks
Telegram @aslan_kaa · Instagram @aslan_kaa · VK id453725994 · Facebook aslan.kaa · X @aslanofff
Thank you

Ready for your
questions and proposals

Noah's Ark Platform · Republic of Armenia · May 2026
Kagirov Abdul-Hakim Akhmadovich · Aslan Kaa
◆ ◆ ◆
© 2026 · NK-PRES-001-EN/2026