Ukraine has launched the 'Land Bank' initiative, which has facilitated the leasing of state agricultural lands totaling 584.9 million UAH (14.2 million USD) since October 2024, as reported by the Ministry of Economy.

A total of 20,521 hectares have been leased.

The 'Land Bank' project enables Ukrainian farmers to lease agricultural plots managed by state agribusinesses through online auctions on the 'Prozorro.Production' digital platform.

On average, seven participants compete for each lot, increasing the total subleasing value eightfold, stated Ukraine's First Deputy Prime Minister Yuliya Svyrydenko.

'This exemplifies a new quality of public asset management, where land benefits the economy and creates opportunities for agribusiness nationwide,' Svyrydenko noted.

69.1% of auction winners within the 'Land Bank' are representatives of small and medium agribusiness. Some sublessees have signed over 20 subleasing contracts and are actively cultivating these lands, reported the CEO of the State Land Bank, Yaroslav Yaroslavsky.

Since October 1, 2024, 506 online auctions for the subleasing of state agricultural lands covering a total area of 35,235 hectares have been held in the 'Prozorro.Production' system across 17 regions of Ukraine.

As a result of 271 auctions, contracts for subleasing land plots totaling 20,521 hectares were signed.

The highest competition among participants was observed in the Vinnytsia region, with an average of 22 bidders per lot. The Poltava and Cherkasy regions followed with an average of 14 participants per lot.

Among the contracts signed, the highest average price per hectare was recorded in the Ivano-Frankivsk region at 47,500 UAH, while the lowest was in the Transcarpathian region at 3,496 UAH per hectare.

'In just the first six months of operation, the 'Land Bank' has become a leader in the volume of attracted funds among all organizers of land auctions on the 'Prozorro.Production' platform since the fall of 2021,' stated Serhiy But, CEO of 'Prozorro.Production.'

As of April 3, there are 394 land plots available for subleasing in the 'Prozorro.Production' system, totaling nearly 12,000 hectares.

Among the available lots is the largest object of the first batch of the 'Land Bank' — a plot of 3,969 hectares in the Kirovohrad region with a starting price of 13.7 million UAH.

The smallest plot, measuring 0.03 hectares, is located in the Transcarpathian region.