Despegue REFORMS ESEN
updated 2026-08-28
The norm, in detail

The RIGI reaches the railways

Decree 748/2026
in forceNATIONAL RIGI and investment

What changed and who it applies to

What changed
Amends the RIGI Regulation (Annex I to Decree 749/2024) on two points, and both widen the regime without touching the law. (1) RAILWAY INFRASTRUCTURE — Section 1 adds to Art. 3, subsection n), item (iii), point 1 that «in the case of railway infrastructure, construction shall be understood as the execution of new infrastructure, and the renewal, replacement, transformation or development of existing infrastructure and of the ancillary infrastructure». The operative text does not list the works, but the recitals do: new alignments, track duplication, track renewal, reactivation of out-of-service branch lines, full renewal of bridges and culverts, automatic or semi-automatic signalling, associated telecommunications and power, electrification, active protection at level crossings, grade-separated crossings, and freight logistics — logistics hubs, dry ports, deconsolidation and transfer centres, and marshalling and classification yards. ⚠️ WHAT IS LEFT OUT is written just as plainly: work «limited to the conservation or maintenance of existing infrastructure». (2) WHEN WORK ON AN EXISTING LINE COUNTS AS AN EXPANSION — Section 2 replaces Art. 60 and, for railways, requires a «verifiable increase in the transport capacity» relative to the capacity in place before the project, determined «quantitatively on the basis of objective technical parameters». (3) AND IN THE SAME SECTION, A LEG THAT IS NOT RAILWAY-RELATED: for the Technology Sector there is now also an expansion when production of a NEW PRODUCT is added, subject to three concurrent conditions — innovation with differences in at least 50% of its components measured by economic value, a minimum computable investment of USD 250 million, and a market useful life of 10 years or less, evidenced by a Useful Life Technical Report issued by a competent and independent professional. verif · Aug 18, 2026
In force
Section 3 states that «this decree shall come into force on the day of its publication in the OFFICIAL GAZETTE». Published on August 18, 2026 (notice 345955) ⇒ it has been in force since that day. verif · Aug 18, 2026
Who it affects
Holders of railway projects —freight and associated infrastructure— seeking to join the RIGI, and in particular anyone investing in EXISTING track, for whom it was not written down until now whether that counted. Downstream it reaches the supply chain those works contract: track and civil works, signalling, railway telecommunications, electrification, bridges and engineering structures, and freight logistics (hubs, dry ports, marshalling yards). And through the Technology leg, pre-existing projects that add a new product with at least USD 250 million in computable investment. verif · Aug 18, 2026
The norm
Decreto 748/2026 of the National Executive Branch (DECTO-2026-748-APN-PTE), «Decreto N° 749/2024. Modificación.». Signed in the City of Buenos Aires on August 14, 2026 by MILEI, countersigned by Diego César Santilli and Luis Andres Caputo. File EX-2026-78039953-APN-DGDA#MEC. Issued under art. 99, incs. 1 and 2 of the National Constitution; it invokes Título VII of Ley 27.742 (Bases) and art. 75 inc. 18 («to provide whatever conduces to the prosperity of the country… the construction of railways»). It amends Anexo I of Decreto 749/2024, already amended by Decretos 940/2024, 1028/2024 and 105/2026. verif · Aug 14, 2026

Our reading

thesis The Government is once again widening the RIGI through regulation — the same move as Decree 105/2026, and the third time this year: the regime is not reopened by law, it is stretched by decree. What this one adds is not a new sector but a definition that was missing — «renewing old track is also building» — and that is the difference between a railway project being able to file a RIGI application or not. The most actionable part is the limit, not the opening: the decree leaves conservation and maintenance out, and for existing track it demands a *verifiable increase in transport capacity measured with objective technical parameters*. That creates demand for a specific capability that is not mapped today — measuring and certifying railway capacity before and after the works — which is exactly the shape of satellite niche this observatory looks for (R10: it lowers the local supplier's cost of RESPONDING). ⚠️ What this decree does NOT say, and should not be over-read: it declares no specific investment computable, names no project and sets no new deadlines — it defines scope. And our portfolio of 28 projects currently has NO railway project, so any claim about «the largest railway project in the RIGI» is a superlative without a denominator. thesis

Where it lands, province by province2

Salta Taca Taca sits 5 km from the C-14 line, the railway linking Salta to the Chilean port of Mejillones, and its export plan is rail to a Pacific port: it needs a siding, a workshop and rehabilitation of a non-operating branch. Until this decree, renewing old track did not count as construction for the incentive regime; now it does, provided a measured capacity increase is certified, and nobody in the province currently provides that test. favorable cheaper to meet the demand thesis
San Juan How El Pachón and Los Azules will evacuate concentrate is still undecided between a slurry pipeline to Chile and rail to the Atlantic. The decree writes that renewing or rehabilitating existing track counts as construction for the incentive regime, provided a verifiable capacity increase is certified: the rail option can now build a case with 30-year tax stability, and that enters the comparison. favorable stability → long-term investment thesis

The other rules on this subject21

Ley Bases: the RIGI is bornLaw 27.742 · Decree 749/2024in force
RIGI: more time and more sectorsDecree 105/2026in force
Super RIGI: data centers, AI and semiconductorsFirst-round approval in the Chamber of Deputies (Jun-2026), in the Senatepending
CPTPP: Argentina asks to join the Trans-PacificLetter of intent (06-03-2026)pending
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