“OPIC is pleased to once again make available its support for U.S. investment in Ukraine, a development which we anticipate will send a highly positive signal to prospective investors in the country,” said OPIC Acting President Dr. Lawrence Spinelli. “This historic occasion is indicative of Ukraine’s ongoing efforts to improve its investment climate, and we commend the Ukrainian government for its hard work in bringing about this result. We look forward to working with both U.S. and Ukrainian businesses to facilitate new levels of American investment in Ukraine.”
Vice President Joe Biden said during a prior visit to Ukraine earlier this year, “I was pleased to learn that the government has taken the final decision necessary to bring the Overseas Private Investment Corporation back to Ukraine. That will make it easier for American companies to reinvest in Ukraine, and invest in the first place, which will help both our economies in the current downturn."
OPIC is now able to provide financing and political risk insurance to American companies investing in Ukraine. OPIC has previously provided over $254 million in financing and insurance to 21 projects in Ukraine, in sectors ranging from manufacturing and construction to energy and financial services.
Analysts predict that the agreement will survive the 2010 elections safely, and I certainly hope that this is the case. I will continue to monitor these events as they unfold and report on a rolling basis.