A Program to Attract Funding to the Agro-Industrial Complex Has Started in Ukraine

On Wednesday, February 3, the launch of a new program for attracting additional financing for the agro-industrial complex was officially started. This was announced by the official website of the Ministry of Economy. The project was named “Development of access of the agricultural sector of Ukraine to capital markets”. The program is designed for 3 years, with termination in 2024. The official partners of the new program are the International Finance Corporation (IFC) and the Swiss Confederation.

The Deputy Minister for Economic Development, Trade and Agriculture of Ukraine Taras Vysotsky noted that this initiative will help to accelerate the development of the agricultural market in Ukraine. According to the official, in 2020, they have already taken an important step to launch the program by revising the Law on Agrarian Receipts. Vysotsky noted that he is proud that agriculture in our country has embarked on the path of automation and digitalization.

Vysotsky also said that the department now expects the Verkhovna Rada to adopt a bill on agrarian receipts. In the document, officials proposed to change the status of an agricultural receipt from a document of title to a security. Taras Vysotsky noted that in this way, representatives of the agricultural sector will receive new opportunities in attracting additional funds. The minister also recalled that a regulatory framework had already been adopted earlier to combine the register of agrarian receipts with other state registers, which significantly speeds up the process of information exchange and reduces the number of errors.

The Ministry of Economy says that thanks to innovations, agricultural receipts have already become one of the most popular ways to obtain additional financing in the agro-industrial complex. Thanks to this document, the farmers were able to receive more than 32 billion hryvnias. The press service of the department stressed that the task of ensuring the development of the agricultural industry in modern realities is especially important, since the requirements for products are growing, and climate change makes the task of obtaining agricultural products more difficult. According to representatives of the department, new ways of attracting funding will help to quickly adapt the agro-industrial complex to new realities.