Argentina has approved the largest ever investment in a new state-run investment fund for the nation’s quesos, or rural workers, which was developed in response to the country’s economic crisis.
The fund, called Quesotecor, will invest $1 billion in five quesor-managed companies and other small businesses in the oil-rich country, a government spokesman said in a statement on Tuesday.
The Argentinean government plans to spend about $8.2 billion on the fund this year, up from about $7 billion last year.
The Quesos Fund will provide support for local producers and investors, the government said.
The money will be used to buy equipment and materials for the businesses.
The fund’s chief executive, Jorge D’Angelo, said in the statement that the investment in quesó will “enhance the economy of the country, with the creation of new jobs and economic opportunities for all Argentinians”.
Quesos are Argentina’s informal sector workers who earn less than $20 a day.
They are mainly employed by small businesses.
The Quesota Fund was first proposed in 2008.
In the last few years, the Fund has invested $2.8 billion, according to the government.
The government is trying to encourage investment in the sector, and has created a National Quesó Investment Program, to be launched in 2018, to attract investors.