OPIC to resume support of investors interested in Ukraine (12/21/03)

OPIC to resume support of investors interested in Ukraine

Embassy of the United States

KYIV - The Overseas Private Investment Corporation (OPIC,) the government of Ukraine and the Swedish defense firm Nammo signed a Memorandum of Understanding December 8 that will permit OPIC to resume activities in Ukraine. The signing was at Ukraine's Ministry of Foreign Affairs.

The memorandum sets a target date of January 1, 2005, for the parties to conclude a definitive agreement to settle the claims arising from a dispute before OPIC stopped issuing new coverage for Ukraine in 1999. During this interim period until January 1, 2005, OPIC will resume its support of private sector U.S. investor projects in Ukraine.

The resumption of OPIC activities will mean facilitation for substantial investment by U.S. companies in Ukraine.

OPIC was established as a development agency of the U.S. government in 1971. OPIC helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing the risks associated with foreign direct investment and supports U.S. foreign policy.

By expanding economic development in host countries, OPIC-supported projects can encourage political stability, free market reforms and U.S. best practices.

OPIC projects also support American jobs and exports - more than 280,000 new U.S. jobs and $65 billion in exports since 1971. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to U.S. taxpayers.

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