The World Bank supported the approval of the draft law on agricultural lands turnover by the Verkhovna Rada of Ukraine, and recommended to adopt a number of additional laws to establish a transparent and efficient market for agricultural land, announced the press-service of the World Bank in Ukraine, on April 2.
"The World Bank welcomes the approval of the Land Turnover Law by the Ukrainian Parliament as a first step towards establishing a transparent and efficient market for agricultural land. To safeguard the interests of the Ukrainian people by making sure that land sales are done transparently, we urge the authorities to move quickly on additional legislation," informed the press-service on Facebook.
In particular, the World Bank recommended to the Verkhovna Rada to adopt the draft laws providing open access to the cadaster data, strengthening the land management, streamlining land transfer procedures, regulating the state land sales including mandatory electronic auctions, which restrict discretionary handouts of the state-owned land, and enhance access to finances for small-scale agricultural producers.
"It will also be important to bring forward participation of legal entities in the market to encourage healthy competition and to relax restrictions on the size of land purchases. These reforms would help unlock investment in agriculture," the press-service added.