Ukraine’s Cabinet promises loans for land purchase at 3-5% per annum for agricultural producers

Source : 112 Ukraine

In addition to cheaper loans, the state will give farmers 9,9 million dollars in loan guarantees
18:15, 18 November 2019


Cabinet of Ministers of Ukraine wants to reduce the cost of loans for the purchase of land for agricultural producers in 2020. They will be able to take loans at 3-5% per annum in UAH. This was stated by Minister of Economic Development, Trade and Agriculture Timofiy Mylovanov on his Facebook page.

"The priority for introducing free circulation of land in Ukraine is the reviewal of the value and availability of loans, especially for small producers, who do not have clear financial statements, and therefore credit resources are either very expensive or inaccessible to them," Mylovanov wrote.

Related: Ukrainian farmers protest against Zelensky's land reform

It is reported that in addition to cheaper loans, the state will give farmers 9,9 million dollars in loan guarantees. Also, 165,5 million dollars will be allocated in 2020 for the support of farmers.

As we reported earlier, Verkhovna Rada of Ukraine supported the committee bill on the opening of the agricultural land market № 2178-10 as a basis. 227 MPs from the Servant of the People party and 13 nonparty MPs voted in favor of it, 240 in total.

The live broadcast of the plenary session was provided by 112 Ukraine TV Channel.

According to the draft law, by January 1, 2024 citizens of Ukraine and Ukrainian legal entities, as well as foreign citizens or companies, who have been using Ukrainian lands for at least 3 years (for example, renting it), will be able to acquire ownership rights of agricultural land.

Related: Referendum on land sale market can take place before 2024, - Razumkov

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