US Export-Import Bank to Offer $7 Billion for Argentine Energy, Mineral Sectors

The U.S. Export-Import Bank intends to fund up to $7 billion worth of energy and critical minerals projects in Argentina, according to a document reviewed by Reuters. The financing underscores a strategic push by Washington to secure access to key resources and strengthen its economic partnership with Buenos Aires.

Deepening US-Argentina Ties

The funding package is expected to be formally announced in New York during the United Nations General Assembly, a person familiar with the matter told Reuters. This initiative reflects a closer alignment on economic policy between the United States and the administration of Argentine President Javier Milei.

The move builds on a preferential trade and investment agreement announced in February that focused on cooperation in critical minerals. That bilateral deal, however, has not yet been ratified by Argentina's Congress.

Tapping Strategic Resources

Argentina holds significant deposits of lithium, shale oil, and other key commodities. The country is part of the so-called "lithium triangle" alongside Chile and Bolivia, which contains the world's largest reserves of the metal essential for electric vehicle batteries and electronics.

Ad

The proposed funding from the U.S. will enable companies operating in Argentina to receive loans over the next two years, primarily for purchasing equipment from American manufacturers. Major international firms are already active in the country, including Rio Tinto (lithium), BHP (copper), and Chevron (shale oil and gas).

Argentina's Investment Push

The Milei government is actively promoting an incentive regime for large investments, known as RIGI, to attract foreign capital into strategic sectors like mining, energy, and infrastructure. The government views RIGI as a cornerstone of its economic reform agenda.

As an example of major projects under consideration, Italy’s Eni and Argentina's state-controlled YPF recently submitted a joint application under RIGI for a $51 billion liquefied natural gas (LNG) project. According to Reuters, Argentina's mining minister, Luis Lucero, has projected that the country could be exporting 580,000 metric tons of lithium and 1.64 million metric tons of copper annually by 2036.