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OPIC Announces New Project in Ukraine, Urges Economic Reforms

OPIC President and CEO Dr. Peter Watson in March announced OPIC's first new project in Ukraine in five years, and said U.S. private sector investment in the country would increase once Ukraine had resolved outstanding investment disputes involving American companies.

At a signing ceremony witnessed by Ukrainian officials, Dr. Watson announced that OPIC would provide $3.8 million in political risk insurance to a U.S. small business involved in a joint venture that will manufacture suspension systems for railroad freight cars in Ukraine. The project will substantially benefit the Ukrainian economy, which relies on both its rail system and heavy industry.

"Today's signing sends a message to potential U.S. investors that Ukraine has resolved to be a good partner to American companies interested in doing business in this resource-rich nation," said Dr. Watson. "Continued OPIC activity in Ukraine is conditional upon prompt settlement of outstanding disputes with U.S. companies. Once settlement is achieved, OPIC looks forward to working with Ukrainian businesses and the Ukrainian government, and expanding our activity in the country."

OPIC and the government of Ukraine last December signed a memorandum of understanding enabling OPIC to resume activity in the country, with a stipulation that the parties conclude by January 1, 2005 an agreement to settle an insurance claim on an OPIC-supported project in Ukraine.