16:02 07.04.2020

Participation of legal entities in land turnover, conducting of referendum on time to determine ultimate success of land reform – IFC

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Participation of legal entities in land turnover, conducting of referendum on time to determine ultimate success of land reform – IFC

Participation of legal entities in the land turnover and conducting the referendum on the participation of foreigners will determine the ultimate success of the land reform and its influence on the Ukrainian economy, IFC Regional Manager for Ukraine, Belarus and Moldova Jason Brett Pellmar has said.

He told Interfax-Ukraine that IFC, a member of the World Bank Group, welcomes the adoption of the law on land turnover by the Ukrainian parliament. This is an important step towards unlocking significant investment in the agricultural sector, increasing agricultural production with higher added value, and facilitating farmers' access to finance. However, there is a need to adopt additional legislative acts to ensure transparency and efficiency of the land market, he said.

In addition, it is the implementation of the participation of legal entities in land turnover to enhance competition, ease restrictions on the amount of land for purchase and conducting a referendum on the participation of foreigners in a timely manner will determine the ultimate success of reforms and its impact on the Ukrainian economy, he said.

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