The Contracts

A U.S. development agency signed contracts worth $40 million US on Monday to boost the housing industry and small business in Ukraine and said it is prepared to spend up to $2 billion in the former Soviet republic. The U.S. Overseas Private Investment Corp. can offer $2 billion in financing for projects largely targeted to help small and medium-sized businesses, ITAR-Tass quoted OPIC head Peter Watson as saying after a meeting with Prime Minister Viktor Yanukovych. The contracts signed Monday are for housing construction through mortgages and for the financing of small and medium-size businesses. "The signed credit agreements are ... evidence that Ukraine is a strong, effective and reliable partner of the United States," ITAR-Tass quoted Watson as saying. OPIC, a U.S. government development agency, helps U.S. businesses invest overseas and fosters economic development in new and emerging markets, where it helps American companies manage the risks of doing business in an uncertain climate.