World Bank and IAEA partner to support nuclear energy in developing countries

The World Bank Group has signed an agreement with the International Atomic Energy Agency (IAEA) to promote the safe and responsible use of nuclear energy in developing countries. The move marks the World Bank’s first direct engagement with nuclear power in decades.

The memorandum of understanding focuses on three key areas:

First, the IAEA will help the World Bank expand its knowledge of nuclear safety, new technologies, waste management, and reactor lifecycles.

Second, it will support countries in extending the safe life of existing nuclear plants. Many are nearing the end of their original 40-year design life but still offer cost-effective, low-carbon power.

Third, the partnership will advance small modular reactors (SMRs). These compact reactors offer lower upfront costs and flexible deployment, making them suitable for countries with limited energy infrastructure.

Currently, 31 countries operate nuclear plants, which generate around 9% of global electricity and nearly 25% of all low-carbon power. Another 30-plus countries—mostly in the developing world—are exploring nuclear options with IAEA support.