Shvydko chain in Kyiv to expand (05/07/06)

Shvydko chain in Kyiv to expand

WASHINGTON - The Overseas Private Investment Corporation's (OPIC) president and CEO, Robert Mosbacher Jr., announced in late December 2005 that it will grant of a loan of $6.8 million to the closed joint stock company Shvydko-Ukraine for the opening of 17 new fast food restaurants in Kyiv, the implementation of a new computer management system and the construction a new commissary.

The addition of the new restaurants will bring the number of Shvydko outlets in Kyiv to 28.

Shvydko, the second-largest fast food restaurant in Ukraine next to McDonald's, offers traditional Ukrainian cuisine and is owned by Western NIS Enterprise Fund (WNISEF) and Twenty-First Century Holdings (Overseas) Ltd.

WNISEF was formed out of the Support for East European Democracy Act of 1989, and funded primarily through grants committed by the U.S. Agency for International Development.

It is expected that the new restaurants will generate approximately 900 new jobs for Ukrainians.

OPIC was created in 1971 as a development agency of the U.S. government.

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