On 1 October 2024, the Land Bank project was launched, aimed at transparent lease of state agricultural land through open auctions. By the end of the year, significant results were achieved. This was announced by Vitalii Koval, Minister of Agrarian Policy and Food.

“266 successful auctions covering a land area of 23,296 hectares were held. 15 regions took part in the auctions: Vinnytsia, Kyiv, Lviv, Odesa, Volyn, Dnipropetrovsk, Zhytomyr, Mykolaiv and others. The expected effect of the sublease is UAH 757 million in annual budget revenues,” said Vitalii Koval.

According to him, 175 agreements have already been concluded for the sublease of land covering 10,847 hectares, which generates UAH 343.7 million in annual VAT revenues. The average cost of sublease is UAH 31,700 per hectare.

The Minister stressed that the competition among the participants was also impressive. The average number of bidders at the auction was 9. The initial lease price increased 8.6 times during the auctions.

Vitalii Koval noted that the Land Bank project was of great importance for Ukraine.

“Transparent auctions in the Prozorro.Sale system are not only about attracting investment, but also about the anti-corruption effect, as the land is leased out fairly and openly. Annual budget revenues are a significant support for the country at war and its recovery. The Land Bank demonstrates how government initiatives can work effectively for economic growth and strengthening of Ukraine,” the Minister stressed.

The first lots with new land plots this year will be available next week.