OPIC & Ukrainian Development Network Sign Small Business Agreement
Friday, June 25, 2010
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) concluded an agreement enabling the Ukrainian Development Network (UDN), a business consulting organization based in Kyiv, to serve as an originator for a growing alliance with the private sector designed to support small and medium-sized enterprises (SMEs) expanding into emerging markets overseas.
OPIC Acting President Dr. Lawrence Spinelli signed the agreement on June 22 with UDN President and CEO Vladislav Polyansky at a ceremony attended by Ukrainian Ambassador to the United States Oleksandr Motsyk.
The alliance, the Enterprise Development Network (EDN), is expanding the ability of OPIC – the U.S. government agency charged with facilitating U.S. private sector investment in emerging markets – to provide financing to SMEs doing business in developing countries.
Through the support of financial institutions, business consultants, associations, law firms and regional investment promotion agencies, EDN is designed to enhance SME access to OPIC products and services. By empowering such service providers, the network is resulting in more efficient, cost-effective delivery of services to American businesses.
“We at OPIC welcome the Ukrainian Development Network into the EDN as an additional means to facilitate U.S. private sector investment in Ukraine, particularly by American and Ukrainian SMEs,” Dr. Spinelli said, “In partnership with both UDN and EDN, we will work work diligently to help American investors make good on the promise that is the Ukrainian economy.
Dr. Spinelli noted that last December OPIC concluded an agreement resolving a ten-year-old dispute over an insurance claim in Ukraine, thereby restoring OPIC’s programs in the country. The new agreement stands to pave the way for hundreds of millions of dollars in potential U.S. private sector investment in Ukraine.
Since then, OPIC has conducted an aggressive outreach campaign to Ukrainian businesses in partnership with the U.S.-Ukraine Business Council, holding workshops on OPIC programs in Washington, D.C. and Kyiv that drew a total of 260 business representatives.
The Ukrainian Development Network (UDN) is a business consulting organization based in Kyiv, Ukraine. UDN plans to proactively work with their extensive network of local relationships in Eastern Europe to source potential projects, including those within investment banks, law and audit firms, business associations, and federal and regional governmental agencies. Potential enterprises must also adhere to ethical principles and realize the significance of social responsibility. UDN may focus on companies looking for long-term acquisition and the expansion of capital of up to twenty million dollars.
UDN is owned by United World, an international charitable organization established in 2008 to promote Ukraine as an integral part of the global community. United World co-founder Eduard Prutnik served as a witness to the EDN agreement signing.