At the AGRO UKRAINE SUMMIT 2024, Ihor Tymoshenko, Deputy Chairman of the State Property Fund of Ukraine, introduced the innovative "Land Bank" project. This new initiative aims to improve the use of state-owned agricultural land and provide crucial support to farmers during these challenging wartime conditions.
The "Land Bank" project will allow farmers to lease hundreds of thousands of hectares of state land through a transparent and competitive process. Auctions will be held online via the Prozorro.Prodazhi platform, ensuring fairness and accessibility. Lease agreements will span 14 years for annual crops and 25 years for perennial crops, with starting bids set at 12% of the land's regulatory monetary value.
The first set of land plots, covering a total of 104.2 thousand hectares, will soon be available for auction. The Cabinet of Ministers is expected to approve this initial batch, with auctions slated to begin by the end of June or early July 2024. These lands are spread across various regions of Ukraine, making it possible for farmers nationwide to participate.
"The agricultural sector is vital to Ukraine's economy, and it has suffered greatly due to Russian aggression. The 'Land Bank' project is designed to maximize the use of state land resources and support agricultural producers, especially those who have lost their land because of the war," said Tymoshenko.
This project not only aims to use state lands more effectively and support farmers but also to boost state and local budgets, create jobs, and promote rural development. The "Land Bank" initiative represents a significant step forward in helping Ukraine's agricultural sector recover and thrive in these difficult times.
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