The World Bank has welcomed the "successful first reading" of a bill on farmland sale in Ukraine.

"The World Bank Group congratulates the Ukrainian Leadership on the successful first reading of the law to lift the moratorium on agricultural land sales," it said in a statement on Facebook on November 13. "This was an important first step towards the opening of the agricultural land market and unleashing Ukraine’s agricultural potential to the benefit of all Ukrainians."

Read alsoUkraine's parliament passes farmland land in first reading

Видео дня

"We look forward to the positive adoption of the law, and passage of the accompanying laws that prevent concentration of land ownership and ensure transparency," the World Bank added.

As UNIAN reported earlier, a bill designed to launch the farmland market in Ukraine from October 1, 2020, passed its first reading on November 13.

According to World Bank forecasts, the opening of the agricultural land market may annually inject an additional US$700 million to US$1.5 billion into the Ukrainian economy.