Ukraine and the United States signed a deal Monday formalizing the intent of their leaders to cooperate in preventing the spread of nuclear technology and securing loose nuclear material.

"This deal is a win-win for both countries and both peoples," US Secretary of State Hillary Clinton said after signing the memorandum of understanding with Ukrainian Foreign Minister Konstantyn Gryshchenko in New York.

"It provides tangible benefits for the people of Ukraine and it makes the world safer for all people," Clinton said in a joint appearance on the sidelines of the UN General Assembly.

The State Department said the deal "formalizes the shared intent" of both countries "to implement fully the commitment" their leaders undertook last year to "prevent proliferation and secure all vulnerable nuclear material."

At the nuclear security summit in April 2010, Ukrainian President Viktor Yanukovych announced Ukraine's decision to dispose of all of its stocks of highly enriched uranium (HEU) by March 2012.

The United States, under President Barack Obama, then offered Ukraine financial and technical expertise to help Ukraine scrap its HEU and modernize Ukraine's civil nuclear research facilities, the State Department said.

"The United States is assisting with the conversion of those facilities to operate on safer, low-enriched uranium fuel and is building a state-of-the-art neutron source facility in Ukraine," the State Department said in a statement.

"In addition to new research capabilities, the neutron source facility will be able to produce over 50 different medical isotopes to treat cancer and other diseases," it said.

It will meet the highest safety standards based on the latest technology, it added.

"The United States is committed to meet all agreed milestones for construction of the neutron source facility by March 2012 and to provide a fully operational facility by 2014," it said.

US financial and technical assistance will amount to more than $60 million, it added.

The State Department underlined progress on both fronts, with Ukraine having already scrapped "a substantial portion" of its HEU and the United States having made "substantial progress on the neutron source facility project."

It expects a ground-breaking in Ukraine in the next few months.

"Cooperation with Ukraine on this matter is an important part of President Obama's initiative to secure all vulnerable nuclear material worldwide," the State Department said.

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