Russian court imposes an injunction on UniCredit's assets! Russian court imposes an injunction on UniCredit's assets!

"We have a target of 1.5 million hectares, 10 hectares (24.7 acres) per family, which would benefit about 150,000 families," Gerardo Vega, head of the National Land Agency, said in an interview.

He said the country's leftist government would spend $4.25 billion to buy about 1.5 million hectares (3.7 million acres) of land for poor farmers or displaced people to boost agricultural production and support peace efforts.

"With the commercial cost of the land, about 18 trillion pesos has been budgeted for four years," Vega said, adding that about 100,000 hectares have already been distributed and the acquisition process will accelerate.

Vega added that acquisition efforts may be slow due to the difficulty of identifying rightful owners who have been forced to abandon their land by armed groups.

Petro initially said his government would buy 3 million hectares, but the official target was half of what was announced.

Vega said the new owners of land in various regions of Colombia will be encouraged to grow rice, corn, fruit and other crops, and the government plans to provide them with access to other services.

The Colombian government is also redistributing land reclaimed from criminals and rebel groups, and is working to formalize ownership for farmers who have worked the land for generations without formal title deeds.

Vega said that about 1.3 million hectares have been formalized and that by the end of Petro's term, all redistribution efforts will total about 7 million hectares.