U.S. Treasury Secretary Scott Bessent has told journalists the United States government is working with private sector investment funds to create a US$20 billion facility to invest in Argentina’s sovereign debt, according to press reports in Washington.

The U.S. also purchased Argentine pesos in the local currency market on Wednesday, the second time it has done so in the past week.

Treasury Secretary Scott Bessent said during a press conference that the facility will be granted in addition to the US$20 billion swap line announced days ago, according to reports from Reuters and Axios. This means the funding would add up to US$40 billion for Argentina.

“It is a private sector solution to Argentina’s upcoming debt payments,” Bessent told the press at the Treasury Department, Axios reported. “We’ve actually been working on it for weeks.”

Bessent added that “many banks are interested in it and many sovereign funds have expressed interest in it.” He also said that the U.S. is willing to continue giving Argentina financial support as long as the Argentine government pursues “good policies,” regardless of the results of the mid-term elections scheduled for October 26, Reuters reported.