Brasilia - The Brazilian President, Mr Fernando Henrique Cardoso, approved the creation of an agricultural bank that will provide loans for landless people to buy property and grow crops, officials said.
"This is a sign that we are effectively able to envision a future for the agrarian question in Brazil. . . with more conviction that things will actually happen," Mr Cardoso said in a prepared speech at a ceremony where he ratified the law.
The Agrarian Reform Minister, Mr Raul Jungmann, said the land bank would have initial capital of $850 million made up of dormant state accounts.