The State Property Fund (SPF) of Ukraine presented a "road map" for the implementation of the Land Bank project, and is developing a corresponding draft regulation for consideration by the government, the SPF press service said.

"The main goal of the Land Bank is the shadowing of income from the use of state agricultural lands. With the adoption of Law of Ukraine No. 3272, the Cabinet of Ministers received new powers – to withdraw agricultural land from state enterprises and transfer them to one or more operators for further sublease through open auctions in the Prozorro.Sale system. For this tool to work, it is necessary to make some changes to the legislation and to process a considerable number of issues to form clear and transparent rules for its operation in the market," acting Head of the State Property Fund Oleksandr Fedoryshyn, whose words are given in the press release.

According to him, a draft regulation on the Land Bank is already being developed for submission to the government. At the same time, the first two phases of land assets can be transferred to the Land Bank within two to three months, subject to the consolidated position of all interested agencies.

Thus, first of all, farmland of state-owned enterprises that are already undergoing bankruptcy proceedings at the liquidation stage will be included; in the second – SOEs' lands without encumbrances; in the third and fourth stages - lands of problematic SOEs that require an individual approach.

The land bank will subsequently transfer to the Ukrainian Sovereign Fund, the SPF said.