The National Government, through Decree 924/2025 , has formalized the financing scheme for the acquisition of four (4) Leonardo AW109M light naval helicopters . This operation, presented as a cornerstone of the military modernization under Javier Milei's administration, requires an analysis that goes beyond the official announcement to understand what Argentina is buying and under what conditions.

1. Financial Engineering: The Crédit Agricole loan

The acquisition is not being made with own funds, but through a loan agreement with the French bank Crédit Agricole Corporate & Investment Bank (CACIB) .

Total amount: €71,676,175.26 ( US$86,770,826)

2. Cost Analysis: Market Price or Overpricing?

Internationally, the value of a new AW109 ranges from $8 million to $11 million, depending on its equipment. The Argentine contract, averaging around €17.9 million per unit (including the logistics package), seems high at first glance. However, in the defense market, the "system cost" (navalized avionics, simulator, technology transfer, and long-term logistical support) typically doubles the value of the bare aircraft. In this respect, the price remains within international parameters for long-term defense contracts .

3. Technical Specifications and Operational Capacity

The AW109M is the militarized version of a commercially successful Italian model. Its capabilities are:

4. The Sovereignty Factor: Components and the British Veto

The crucial point is national autonomy over the material.

Conclusion

The addition of the AW109Ms is an undeniable logistical improvement for combating illegal fishing and maritime security. However, from a national defense perspective, these aircraft are patrol tools, not deterrents . Their acquisition through external debt strengthens maritime policing capabilities, but leaves pending the recovery of real combat capabilities—such as anti-submarine warfare—necessary to challenge the military imbalance imposed by the British base at Mount Pleasant .