⚡ ECONOMY  ·  PRIVATIZATIONS  ·  ENERGY

Argentina accelerates privatizations: aims for US$ 2,000 million in reserves

Transener, AySA and Belgrano Cargas, at the center of a plan promoted by Caputo that seeks to strengthen the Central Bank's reserves before the end of the year.

🗓️ May 2, 2026   ✍️ Economic Writing   ⏱️ Estimated reading time: 5 minutes

The National Executive Branch deepens its strategy of state disinvestment at a pivotal moment for the Argentine macroeconomy. With the goal of accumulating international reserves set in the agreement with the IMF as a backdrop, Economy Minister Luis Caputo presented an ambitious timetable that could add US$ 2,000 million before the end of 2026. The heart of the plan is three major operations: the sale of 50% of Citelec – controlling company of Transener – the 30-year concession of AySA and the total privatization of Belgrano Cargas y Logística.

The most advanced tender – and the one with the greatest immediate impact – is that of Citelec, the controlling company that groups 50% of the state-owned Transener and Transba, the two large high-voltage electricity carriers in the country. The opening of envelopes, which took place on Tuesday, April 29, revealed three proposals totaling almost US$ 890 million, with the following distribution:

The final decision on the award will fall to the Ministry of Finance. Private sector sources pointed out that the winning bid far exceeds initial estimates, which the government interprets as a sign of market confidence in the state reform process.

In parallel with the dispute over Transener, the Ministry of Economy took a fundamental regulatory step by approving, through Resolution 543/2026 of April 28, the concession contract and share transfer model of Agua y Saneamientos Argentinos (AySA). The operation reaches 51% of the company's state shares .

The approved scheme establishes that the concession will have a term of 30 years for the provision of drinking water and sewerage service in the City of Buenos Aires and 26 municipalities of the Buenos Aires metropolitan area, including La Matanza, Quilmes, Avellaneda and Lomas de Zamora, among others. The contractor must comply with the 2024-2026 Transition Plan until the end of the current year, which would guarantee the continuity of the service during the transfer stage.

📌 The tariff table and the minimum investment conditions will be defined in the bidding phase, whose call is expected for the second half of 2026.

The Executive also decreed the total privatization of Belgrano Cargas y Logística, the state-owned freight railway started in July 2025. Unlike the other processes, here the scheme contemplates separate tenders for tracks, workshops, locomotives and wagons, under an "open access" model  that would allow multiple operators to enter the system.

The Belgrano, San Martín and Urquiza lines will be tendered independently. According to the Infrastructure portfolio, there is already declared interest from agro-exporters, mining companies and at least one foreign investment group. The proceeds will go to rail infrastructure through a dedicated trust, designed to shield funds from discretionary use.

Privatizations are not an isolated phenomenon: they are a commitment made by Argentina when it signed an Extended Facilities program with the IMF in April 2025, with total disbursements projected at US$ 20,000 million. The agreement establishes strict goals for the accumulation of reserves, and one of the sources of financing envisaged is precisely the extraordinary income derived from the sale or concession of state assets.

Minister Caputo himself stressed that the divestment plan contributes to a broader objective of fiscal sustainability without resorting to the Central Bank's reserves. The consulting firm PwC remarked, in a recent report, that these revenues are key to sustaining fiscal balance in a context of reduced tax pressure.

The Bases Law, passed in July 2024, enabled the transfer of eight state-owned companies to the private sector. The plan started with the ambition of privatizing 41 companies, although only eight received legislative authorization. Here is the status of each one:

🟡 In active 🔵 process  Started / in preparation ⚪ Pending

The privatization program of Javier Milei's government presents a double-edged equation. On the one hand, the injection of private currency would relieve the pressure on the Central Bank's reserves without generating monetary issuance, a central argument in the official narrative. On the other hand, the speed of the process raises questions about the regulatory quality of the contracts and the capacity of the State to guarantee affordable rates for essential services such as drinking water.

The "open access" scheme  in Belgrano Cargas represents a commitment to competition between operators, although specialists in the sector warn that the fragmentation of the system could hinder operational coordination. In the case of AySA, the 30-year duration of the concession generates debates about tariff review mechanisms and the investments committed in sewage infrastructure.

In any case, political timing also matters: with the legislative elections of October 2025 already over and the agreement with the IMF as an umbrella of credibility, the Executive has a window of opportunity to move forward without the vetoes of Congress that stopped the original plan of 41 companies.

• Infobae – Argentina expects to obtain 2,000 million euros this year through privatizations

• MercoPress – Argentina expects to raise 2,000 million according to Caputo

• Context Tucumán – The Government accelerates privatizations to add reserves

• Diario El Paso – Caputo accelerates privatizations and bets on revenues of US$ 2,000 million

• National Executive Branch – TN.com.ar – Official coverage of the plan

⚠️ Editorial note: This article was prepared for informative and journalistic purposes based on verified public sources as of May 2, 2026. The figures may vary as the bidding process progresses.

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