In a bid to attract investors, Brazil will consider leasing large tracts of farmland to foreigners, the country’s agriculture minister told Reuters. Brazilian authorities had placed restrictions on foreigners buying land last year amid concerns that sovereign wealth funds from the Middle East and China were seeking to capitalize on rising commodity prices by buying agricultural land here. The restrictions had blocked least $15 billion in foreign investment, Reuters reported. But the agriculture minister, Wagner Rossi, said Brazil intends to welcome this money back into the country by setting up a 99-year land lease program for foreigners similar to one currently used in Australia.
GlobalPost.com is now PRI.org
GlobalPost and PRI have joined forces to expand in-depth global news reporting to create a more informed, connected and empathetic world.Learn why See GlobalPost stories Dismiss