KIEV, Jan. 18 (Xinhua) -- The Ukrainian parliament on Thursday approved a new law on privatization of the state property in an attempt to attract more investors, including those from abroad, authorities said.

"The legislation would help to expand the circle of potential investors since it substantially strengthens the protection of their rights," the Ukrainian Economic Development and Trade Ministry said in a statement.

In particular, the new legislation provides an opportunity for the investors to sign contracts with the Ukrainian government and settle the disputes with it under the international law, the ministry said.

Besides, the legislation establishes transparent conditions for privatization through the introduction of an online auction, where investors may submit their bids, it said.

Under its major privatization program for 2017-2020, the government targeted to privatize a total of 893 facilities to fill the cash-strapped state budget, enhance the efficiency of the enterprises and create new jobs.

Last year, Ukraine raised 118 million U.S. dollars from privatization, the highest sum of money in five years.