New Nuclear Era: World Bank and IAEA Partner for Safe Development

The World Bank and IAEA have signed a memorandum of understanding to promote safe nuclear power development in developing countries. The agreement focuses on extending reactor lifespans and advancing small modular reactors. Leaders emphasize nuclear energy's role in providing essential, reliable power for various sectors, aiding economic growth.

The World Bank and the International Atomic Energy Agency (IAEA) announced a significant new partnership on Thursday aimed at advancing the safe development of nuclear power in developing countries. This initiative focuses not only on financing but also on ensuring the extension of existing reactors' lifespans.

The memorandum of understanding, signed by World Bank President Ajay Banga and IAEA Director General Rafael Grossi in Paris, marks the World Bank's renewed interest in nuclear energy financing. The partnership seeks to expand the World Bank Group's expertise in nuclear safety and security, energy planning, and waste management.

Banga highlighted nuclear energy as a critical component for providing reliable baseload power necessary for infrastructure, health care, manufacturing, and more. Grossi described the agreement as a pivotal moment in redefining nuclear power's role in energy security, especially through small modular reactors, which offer clean power potential for developing nations.

(With inputs from agencies.)