The US Export-Import Bank plans to finance projects in Argentina worth $7 billion

The US Export-Import Bank (Exim Bank) intends to finance projects in Argentina worth up to $7 billion in the vital minerals and energy sectors, in a move aimed at strengthening economic cooperation between Washington and Buenos Aires, and expanding American companies’ access to strategic resources in South America, according to a document seen by Reuters.

The funding is scheduled to be announced as part of a cooperation package between the two countries in New York on Wednesday, coinciding with the meetings of the United Nations General Assembly, according to a source familiar with the matter.

The move comes at a time when the United States is working to secure greater access to vital energy and mineral resources in the Western Hemisphere, in light of the increasing importance of these resources for strategic industries and technologies.

Economic relations between Washington and Buenos Aires were strengthened during the era of Argentine President Javier Mele, who has a close relationship with US President Donald Trump, with greater convergence in economic policies and American support for the reforms adopted by the Argentine government.

Last February, the two countries announced a preferential trade and investment agreement that includes cooperation in the field of vital minerals, but the Argentine Congress has not yet ratified the agreement.

Argentina has large reserves of lithium and shale oil, in addition to other resources, while American financing will allow companies operating in the country to obtain loans to purchase equipment from American manufacturers, in addition to other uses, during the next two years.

Argentina, along with Chile and Bolivia, is part of what is known as the “Lithium Triangle,” which includes a large concentration of supplies of this metal used in electronics, electric cars, and a number of modern technologies.

Major international companies in the primary commodities sectors are already operating in Argentina, including Rio Tinto, which extracts lithium used in batteries, BHP, which is developing a copper project, and Chevron, which operates a large oil and shale gas project.

Milley's government is pushing to attract more foreign investment to strategic sectors, through a system of incentives for large investments known as "REGI", which includes the energy, mining, and infrastructure sectors.

Last month, the Italian company Eni and the Argentine government company YBF submitted a joint request to benefit from the Regie system to implement a liquefied natural gas project worth $51 billion.

Argentina expects a significant increase in its mineral exports over the next decade. Argentine Mining Minister Luis Lucero told Reuters earlier this year that by 2036 his country could export 580,000 metric tons of lithium and 1.641 million metric tons of copper annually, about five times the 2025 levels.