The State Property Fund of Ukraine has launched an online resource for the Land Bank

The State Property Fund of Ukraine presents a new website of the Land Bank: https://landbank.spfu.gov.ua/. It includes a map of the land to be accumulated in the Land Bank and provides information on key issues.

Earlier this year, on July 27, the Ukrainian Parliament passed a law that launches transparent lease of state agricultural land via online auctions. The law allows the State Property Fund to establish a Land Bank.

"Our main goal is to fight corruption on state agricultural land. Every year, shady managers of state-owned agricultural enterprises leased state land to entrepreneurs using gray schemes. Tens of millions of dollars of cash flowed into their pockets, leaving the state with losses," commented Rustem Umerov, Chairman of the SPFU, in a column for NV.Business.

Almost 700,000 hectares of state agricultural land have not generated any revenue for the budget and citizens for years. The State Property Fund plans to change this. State agricultural land should be accumulated in the Land Bank, which will offer it for lease at open online auctions on Prozorro.Sale.

The new investment product allows Ukrainians to start their own business by leasing a land plot in a transparent and open manner via an online auction. The first auctions are expected to take place in 2024.

According to preliminary estimates, the expected economic impact of transparent leasing will be up to 7 billion UAH per year.