Bogota, Nov 4 (IANS): Colombia has signed a $300 million agreement with the UN aimed at reducing the production of cocaine, the media reported.

According to the UN Office on Drugs and Crime (UNODC), farmers who switch from growing coca, the raw material used to make cocaine, to safer crops will be compensated, reports the BBC.

Speaking in Vienna, the head of the UNODC, Yury Fedotov, said on Friday: "This historic agreement is a unique opportunity to turn the tide against Colombia's coca cultivation and help farmers embrace alternative development.

"The pursuit of peace requires tangible solutions to the crimes that fuel and feed conflict."

Currently, farmers earn $300 a month for every hectare of coca they grow.

This initiative will provide compensation to farmers if they revert to producing safer crops, such as coffee and cacao, the UNODC announced.

Colombia is ranked as one of the main drug-growing nations in the world by the UNODC.