Argentina has announced a $15 billion investment fund with Providens Fund to support emerging economies.
The fund, which will be called Provident, will support emerging countries, including those in Latin America and Asia.
Argentina, a member of the Mercosur trade bloc, is one of the world’s largest exporters of oil and natural gas.
In 2013, Argentina was ranked number 1 in the world by the Economist Intelligence Unit (EIU).
“We are proud to be part of Provident’s emerging-market program,” said Ricardo Sosa, Provident CEO and president.
“We are committed to the emerging-markets sector, which is the key driver of our success.”
The fund will be managed by the Funda Eeryifunda Fund, which invests in emerging markets with a focus on investment opportunities, investment strategies and financing.
The Funda Funda, which includes Providents investment fund, was launched in 2012.
“We believe Provident is the right vehicle to help us support the economies that are emerging,” said Jorge Castillo, CEO of the Fund a Funda.
“This will be the first time that Provident will invest in an emerging economy.”
The Funda funds will have an annual budget of $15.5 billion, according to the company.
The Fund a Plana Fund has $1.4 trillion in assets under management and $4.4 billion of assets under debt.