Takes away c3 from knight, supports center. Slower development usually means white's small advantage of the first move is gone.
So as with many of these kinds of openings I think:Not bad for white, and not challenging for black.
There is no reason to play this move. Plus it's dull. 1. a4 is far more interesting.
Saragossa Opening
A good opening for white if you prefer to play the Sicilian defence with colors reversed.
Sicilian, Najdorf, Goteborg (Argentine) variation with colors reversed!