U.S. plans up to $20 billion for Argentina projects through 2027

Milei’s course conditions possible post-2027 support; Lamelas ties deadline to election

Lamelas made the announcement to business leaders at an energy summit organized by the Argentina-Texas Chamber of Commerce in Neuquén, a province in western Argentina. The summit came a day after Milei suggested the figure could grow, saying at the opening of the Argentina Oil & Gas Patagonia 2026 exhibition on Monday, “Don’t rule out the possibility that the figure could increase,” according to Infobae.

The $20 billion package is nearly three times the $7 billion included in a bilateral agreement announced in September. Lamelas did not say how much of the package would be disbursed, when the money would become available or which projects would be included.

The announcement follows a financial cooperation agreement signed by Argentina and the United States in New York in September. According to La Nación, the financing would be channeled through the Export-Import Bank of the United States, the U.S. International Development Finance Corp., the State Department and other U.S. agencies. Lamelas said the United States was willing to extend financing beyond 2027, but continued support would depend on Argentina maintaining Milei’s political and economic course.

Argentina is scheduled to hold elections next year for president and part of Congress, and Milei is eligible to run again. According to Infobae, Lamelas tied the funding deadline to the presidential election. “We set the 2027 deadline because that’s when the election is, and we are supporting this government. That money will be available until 2027, and we’ll see what happens afterward,” he said.

Néstor Requelme, director of Reyven Macro Estrategia, said the increase primarily represented a signal of Washington’s strategic support rather than an immediate injection into Argentina’s central bank reserves. “The $20 billion is not money the government can use immediately. It is financing tied to specific infrastructure, energy and mining projects. The funds depend on those initiatives moving forward and meeting the established conditions,” Requelme told UPI.

Néstor Requelme said the announced financing could strengthen investor confidence in Milei’s economic program and ease pressure on Argentina’s foreign exchange market. He said the effect would not be immediate for households or retail businesses. Requelme said the main beneficiaries would be industries requiring substantial investment and capable of generating foreign currency over the medium term, including but not limited to oil, gas and mining.

Néstor Requelme said Washington’s interest reflects its political alignment with Milei’s administration and its desire to gain access to Argentina’s strategic resources, including oil, natural gas, lithium, copper and agricultural products. “The United States seeks to secure its participation in strategic sectors and strengthen supply chains amid global competition for resources,” he said.

Later Tuesday, in an X post dated October 20, 2026, Lamelas highlighted Argentina’s energy potential and what he described as favorable investment conditions. He described Vaca Muerta, the giant shale oil and gas formation in Argentina’s Patagonia region, as a key driver of the country’s expanding energy production. Lamelas wrote that Argentina had established clear rules and now had record production of approximately 1 million barrels per day and an energy trade surplus.

According to Infobae, Argentina LNG is a liquefied natural gas export project involving Argentina’s state-controlled energy company YPF, Italy’s Eni and the United Arab Emirates-based XRG to produce liquefied natural gas for international markets. Infobae reported that the September agreement included Export-Import Bank support for the project and envisioned participation by private investors.

The Andes-Atlantic Corridor is a joint initiative between the two countries to improve roads and other infrastructure connecting oil, gas and mineral-producing regions with Atlantic ports. The stated goal is to facilitate transportation of those resources and increase Argentine exports. Lamelas said the United States supports the transformation and is working on several fronts to accelerate it, including modernizing those links, supporting Argentina LNG and positioning Argentina as a reliable supplier of energy and critical minerals.