Colombia’s executive branch will send a bill to Congress regulating foreigners’ farmland acquisitions, El Tiempo said, citing an interview with Agriculture Minister Juan Camilo Restrepo.

The bill will speed $800 million in secured deals, such as the acquisition of land for agriculture purposes by Chile’s SACI Falabella (FALAB), the Bogota based newspaper said.

To contact the reporter on this story: Pablo Gonzalez in Buenos Aires at pgonzalez49@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net