“Land Bank” to Auction First Lots This Summer

by Roman Cheplyk
Thursday, May 30, 2024
“Land Bank” to Auction First Lots This Summer

The State Property Fund of Ukraine (SPFU) has announced the launch of its new project, “Land Bank,” aimed at promoting the effective use of state agricultural lands and supporting agricultural producers during the ongoing wartime challenges

The press service of the SPFU provided details on this initiative.

Deputy Chairman of the Foundation, Igor Tymoshenko, presented the project at the AGRO UKRAINE SUMMIT 2024. The "Land Bank" project will allow farmers to access hundreds of thousands of hectares of state land through transparent and competitive online auctions via the Prozorro. Sale electronic platform. The starting lease price will be set at 12% of the regulatory monetary value of the land, with lease agreements lasting 14 years for annual plantations and 25 years for perennials.

An imminent Cabinet of Ministers order will detail the first pool of land plots available for lease. A total of 104.2 thousand hectares, spread across various regions of Ukraine, will be put up for auction from late June to early July 2024. This broad geographical distribution will enable farmers nationwide to participate in the auctions.

"The agricultural sector is crucial for the development of the Ukrainian economy, which has suffered significant damage due to Russian aggression. The 'Land Bank' project aims to maximize the use of state land resources and support agricultural producers, especially those who have lost their land because of the war," Tymoshenko stated.

The implementation of the "Land Bank" project is expected to not only optimize the use of state lands and support agricultural producers but also contribute to state and local budget revenues, create new jobs, and foster the development of rural areas.

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