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Activities of the State Land Bank will be started this year, - Ukrainian Government Portal


Activities of the State Land Bank will be started this year. It will provide loans to farmers at interest rates that are twice lower the current rates of commercial banks. And cooperation of the State Land Bank with the EBRD helps to attract additional loan resources for agricultural producers, Government Portal reports.


In addition, the activities will serve to provide an effective mechanism for regulating in the circulation of agricultural land sphere.


After considering the practice of other countries, where land banks exist for years, in Ukraine last year the domestic counterpart of this financial institution has been created. And activities of the State Land Bank will be started this year. Its main purpose is to search for possible ways to reduce interest rates for agricultural producers. In particular, the bank will provide medium-and long-term loans to domestic agricultural producers, affecting the overall credit policy.


“We want to get a financial institution that would be involved in mortgage lending to peasants and provided funds at reasonable interest rates. According to our calculations, the interest rate of the Land Bank will fluctuate at 10% per annum. That is twice lower the current rates of commercial banks”, – said the director of the financial and credit policies and accounting of the Ministry of Agrarian Policy and Food of Ukraine.


This year, the Land Bank should begin its work. However, to fulfill its mandate as a specialized agency for the mortgage, we need to implement another position – to transfer to the bank‘s management agricultural lands that would become the capital to provide cheap loans to agricultural producers. Therefore, from January 1, 2013 an inventory of the state agricultural land has been began in order to introduce them to the authorized fund of the State Land Bank.


In addition, the Land Bank should ensure implementation of an effective mechanism of state regulation of agricultural lands.

 

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