US, Argentina launch ‘Andes-Atlantic Corridor” with up to $7B backing

The U.S. Export-Import Bank (EXIM) will finance up to $7 billion in Argentine critical minerals and energy projects as Washington seeks to strengthen its access to the region’s resources, the countries announced Wednesday during the United Nations General Assembly.

The Andes-Atlantic Corridor, as the initiative has been dubbed, seeks to facilitate public and private investment in Argentina across the transportation, energy, minerals and digital infrastructure sectors. For minerals, the agreement seeks to identify opportunities to support critical mineral mining and processing, according to the announcement fact sheet.

Companies operating in Argentina could use the financing over the next two years to buy equipment from U.S. manufacturers, among other purposes.

The Andes-Atlantic Corridor extends Washington’s efforts to secure lithium, copper and rare earths for energy, defence and advanced technology. It’s estimated that the U.S. government has poured more than $1 billion in critical minerals investments and financing directed toward Latin America since January 2025. Mineral supply has become an energy security priority alongside its role in the energy transition.

The U.S. and Argentina announced a critical minerals agreement in February, though Argentina’s Congress has yet to ratify it.

Investment incentives

Argentina has sought to attract large projects through its Incentive Regime for Large Investments, or RIGI. Launched in July 2024, it offers tax, customs and foreign exchange stability for qualifying investments starting at $200 million. Rio Tinto’s (ASX, LSE, NYSE: RIO) $2.5-billion Rincón lithium development was the first mining project approved under the regime.

In March, IDB Invest, part of the Inter-American Development Bank Group, announced a loan of up to $100 million for Rincón within a broader $1.18-billion financing package. BHP (ASX: BHP) is advancing copper development in Argentina, while Chevron operates in the country’s shale oil and gas sector.

Mining minister Luis Lucero told Reuters earlier this year that Argentina could export 580,000 tonnes of lithium and 1.64 million tonnes of copper annually by 2036. The proposed EXIM package has yet to be announced.