IAEA approves NTI-supported fuel bank

The Board of Directors of the International Atomic Energy Agency approved the plan to create an IAEA-run nuclear fuel bank. According to the AP report, Venezuela, Tunisia, South Africa, Ecuador, Brazil and Argentina abstained during the vote. Pakistan did not take part in the voting.

Core funding for this project, promoted by the Nuclear Threat Initiative (NTI) was provided by Warren Buffett, who contributed $50 million on the condition that IAEA member states provide $100 million in matching funds. The funds were provided by by Norway ($5 million), the United States ($50 million), the United Arab Emirates ($10 million), the European Union (€25 million or $32 million), and Kuwait ($10 million).

This fuel bank project is separate from the fuel bank just created by Russia. Location of the new fuel bank is yet to be determined.