Belgrano Cargas: The Government Changed the Privatization Scheme and Defined What to Do with the Funds from Train Sales

The government of Javier Milei modified the financial scheme planned for the privatization of Belgrano Cargas y Logística and established a new destination for the resources obtained from the sale of the rolling stock of the state-owned company.

Through Decree 718/2026, published this Monday in the Official Gazette, the Executive ordered that the money from both the public auction of the rolling stock and the sale of the trains included in future concession contracts for the tracks be deposited in a trust that will be determined by the Ministry of Economy.

The change establishes that these funds will have a specific destination: to finance and pay for the works that will be the responsibility of the railway concessionaires. The modification affects the scheme previously established by Decree 282/2026.

Decree 718/2026 instructed the Ministry of Economy to implement the new trust and to establish the necessary operational rules for its functioning.

The portfolio led by Luis Caputo will also have to determine the sale price of the rolling stock included in the concession contracts, taking as a minimum reference the valuation made by the National Appraisal Tribunal. The decree was signed by Javier Milei and Luis Caputo and came into effect upon its publication in the Official Gazette.

Belgrano Cargas y Logística was included among the companies subject to privatization by the Bases Law. The originally approved scheme contemplates a vertical disintegration of the company and the separation of its activities and assets according to each business unit.

Decree 67/2025 had established that the rolling stock would be sold through public auction, while the tracks and their adjacent properties would be handed over through public works concession contracts. The concession for the use of railway workshops was also contemplated.

Initially, the proceeds from the sale of the trains were to be allocated to a works trust or another financial instrument defined by the Ministry of Economy, with the aim of financing the works related to the tracks that would be concessioned.

Now, the Government has decided to move forward with a specific mechanism. As argued in the decree, the creation of a trust dedicated exclusively to the works will allow for more efficient resource management and accelerate the necessary disbursements to meet the obligations set forth in the concession contracts.

One of the central points of the modification is that the resources generated by the sale of the trains will be directly linked to the financing of railway works.

The new decree applies to both the rolling stock sold through public auction and that which may eventually be included in the concession contracts for the tracks. In both cases, the funds must enter the trust determined by the Ministry of Economy.

Additionally, the Ministry of Economy was authorized to determine the sale price of the rolling stock incorporated into the concession contracts. To establish the minimum reference value, the valuation of the market value conducted by the National Appraisal Tribunal must be used.

In this way, the Government seeks to ensure that the resources obtained from the sale of railway assets are allocated to infrastructure development within the privatization process itself.

In the rationale of the decree, the Executive stated that the previous mechanism could generate delays because the resources remained within a multi-purpose trust, which concentrates different sources of financing and beneficiaries.

The new structure aims to create a trust with a unique destination for the financing and payment of the works to be carried out by the concessionaires. According to the Government, this will allow for faster disbursements and facilitate compliance with the mandatory investments set forth in the contracts.

The change does not alter the overall objective of advancing with the privatization of Belgrano Cargas, but rather introduces a modification to the financial circuit of the resources obtained from the sale of railway assets.

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