It is planned to establish in Ukraine a state land mortgage investment bank, whose main objective would be meeting the needs of manufacturers for low-cost banking products and services of long-term financial crediting of agricultural production on the security of land or rights to its lease. This was stated by First Deputy Minister of Agricultural Policy and Food Mykola Bezuhly during parliamentary hearings on the situation in the land sector, legislative support for land tenure and the practice of its implementation, the press service of the agriculture ministry reported.

To ensure the circulation of farmland, the ministry has developed a number of laws, including laws on land market, on state land cadastre, on amendments to some legislative acts to increase control over land use, on consolidation of agricultural lands, on amendments to some legislative acts concerning the pledge of rights to agricultural land, the official said.

He also noted that, in the introduction of market turnover of agricultural land, a new scheme of crediting farm producers on the security of land or the rights to its lease, developed by the ministry, will annually bring considerable credits to the industry.

"The ministry has developed a fundamentally new scheme for agricultural crediting, which will help draw in production area over 200 billion UAH (1 USD - 7.95 UAH) of credit resources per year with credit rate to 10%, which is sufficient for both funding technical re-equipment of agriculture, and introduction of new technologies," the first deputy minister summed up.

UKRINFORM