BRASILIA, Aug 28 (Reuters) - Brazil's Finance Minister Fernando Haddad said on Monday that Latin America Development Bank CAF offered $600 million in counter-guarantees to Brazilian exports to Argentina.

The initiative will involve state-run lender Banco do Brasil as Brazilian exports guarantor, Haddad added.

Brazil's third-largest trading partner, Argentina is suffering an economic crisis marked by soaring inflation and dwindling central bank reserves. (Reporting by Victor Borges; Writing by Carolina Pulice; Editing by Chris Reese)