Colombia's Banco Agrario is a state-run agriculture development bank focused on financing activities related to the rural, agricultural, livestock, fishing, forestry and agro industrial sectors. By law the bank is obliged to earmark at least 70% of its resources for rural lending. It also offers microfinancing for low-income individuals and families, as well as micro enterprises. Banco Agrario was created in 1999 from the assets of Financiera Leasing Colvalores into a commercial bank. The bank, based in Bogota, has 742 branches nationwide. It is controlled by the country's finance ministry.