Ukrainian President Volodymyr Zelensky has signed the law on lending state-owned and municipal property No. 157-IX, which the Verkhovna Rada passed on October 3, 2019.

"This law introduces a simple and transparent procedure for lending state-owned and municipal property, which is more profitable due to free competition," the press service of the president reported on Wednesday.

The document sets out in a new version the law of Ukraine on lending state-owned and municipal property, and also makes changes to the Commercial and Civil Codes, the Ukrainian Code on Bankruptcy Procedures and a number of laws, defining legal, economic and organizational relations regarding to lending state-owned and municipal property.

According to the law, state-owned and municipal property will be leased by selling the right to lease property at an electronic auction in an electronic trading system. In this system, all information about deals to lease state-owned and municipal property is published in the public domain.

The law defines clear stages and terms of the procedure for lending state-owned and municipal property that is not used by the state.

There will also be a database of public lists of state-owned and municipal property leased.