Colombia to hold peace talks with last active rebel group

Colombia announced a deal on Wednesday to hold peace talks with its last active rebel group, the National Liberation Army (ELN).

Colombia's government will begin the much-delayed formal peace talks with the country's second-biggest rebel group on 8 February, after the guerrillas release a politician being held hostage, President Juan Manuel Santos said.

The move aims to seal "complete peace" after the signing of a historic deal with the bigger FARC guerrilla force, President Juan Manuel Santos said.

"I can tell you we have come to an agreement" on launching talks, having settled a dispute about the release of a hostage that ELN rebels were holding,” Santos said at the World Economic Forum in Davos, Switzerland.

"If he is not released, there will simply be no negotiation. That has always been the position of the Colombian government and my position," Santos added.

According to Reuters news agency, the ELN is expected to release Sanchez to the International Committee of the Red Cross.

Sanchez has been captive for more than eight months.

Delegations from the two sides meeting in Ecuador said later they had agreed that the ELN would release the hostage and the government would in return grant pardons to two members of the rebel group.

The 2,000-strong ELN is considered a terrorist group by the United States and European Union. The group has kidnapped hundreds of people over its 52 years to raise funds for the war and to use as bargaining chips with the government.