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Source: International Atomic Energy Agency –
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Cooperation between the IAEA and international financial institutions in the nuclear field: from diplomacy to practical action
The IAEA, together with the World Bank Group, other international financial institutions and multilateral development banks, has entered a new stage of cooperation.
February 15, 2026
Jeffrey Donovan, IAEA Department of Nuclear Energy
IAEA Director General Rafael Mariano Grossi met with representatives of the World Bank Group, the Asian Development Bank, the EBRD, the OPEC Fund, and other banks during their official visit to IAEA Headquarters in Vienna, Austria, 15 January 2026. Photo: D. Calma/IAEA
The IAEA, together with the World Bank Group, other international financial institutions (IFIs) and multilateral development banks (MDBs), has entered a new phase of engagement, moving from diplomatic agreements to practical project implementation as the Agency expands its support for their efforts to use nuclear energy for development.
Following the signing of a landmark partnership agreement on nuclear energy cooperation between the IAEA and the World Bank Group (WBG) last June, a workshop was held earlier this month at the IAEA Headquarters in Vienna to discuss next steps, including expanding cooperation with other international financial institutions and multilateral development banks, clarifying roles, aligning technical and regulatory requirements, and implementing concrete measures to assist countries in developing nuclear energy, taking into account IAEA nuclear safety, security, and non-proliferation standards.
Expanding cooperation
The seminar brought together leading experts from not only the World Bank Group but also other major financial institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the OPEC Fund for International Development. Participants discussed issues such as radioactive waste management, emergency preparedness and response, and the development of the institutional framework necessary for investors to support large-scale nuclear infrastructure projects.
"Building on the agreements recently reached with international financial institutions, we view their practical implementation as a priority," said IAEA Director General Rafael Mariano Grossi. "It is crucial for us that leading experts from these organizations have gathered here at the IAEA today to outline ways to expand our cooperation and support countries in various areas of nuclear energy and non-energy technology applications—from health and food security to water resource management and environmental protection."
Last June, in Paris, Director-General Grossi and World Bank Group President Ajay Banga signed a memorandum of understanding to deepen cooperation in three areas: building a nuclear energy knowledge base within the WBG, supporting the long-term operation of existing nuclear power plants, and advancing small modular reactor (SMR) technology. This agreement marked the Group's first formal resumption of nuclear energy activities in decades and served as a signal for other international financial institutions to follow suit.
Additional agreements
Since then, the IAEA has entered into cooperation agreements with other MDBs, including the Asian Development Bank and the OPEC Fund, demonstrating a more coordinated approach among international organizations to assessing the potential role of nuclear energy in generating clean and reliable electricity. This is particularly relevant for countries seeking sustainable economic growth while reducing greenhouse gas emissions.
"The World Bank Group is rethinking its approach and renewing its engagement in nuclear energy, thereby expanding countries' ability to meet their energy needs," said Lauren Culver, Senior Energy Specialist at the WBG. "This workshop provided an important opportunity to deepen our collaboration with the IAEA and strengthen our capacity to finance nuclear projects that comply with IAEA standards on nuclear safety, security, regulatory frameworks, and non-proliferation safeguards."
The seminar focused on legal aspects, namely how funding to support institutional and policy reforms can facilitate the adoption of international treaties and the incorporation of nuclear safety, security and safeguards obligations into national legislation.
Other sessions examined the role of development banks in financing technical work during the preparatory phase, which often precedes major investment decisions. These activities include developing feasibility studies for SMRs, planning for radioactive waste disposal, and developing infrastructure during the initial stages. Issues related to the front-end of the fuel cycle were also discussed, including conducting comprehensive assessment missions for the uranium production cycle, as well as the role of research reactors as a key element in building nuclear capability.
Environmental and social standards
During the discussions, special attention was also paid to compliance with environmental and social standards. "Environmental and social standards are not a formality, but the foundation of responsible investment. We were particularly pleased to collaborate with the IAEA and other financial institutions that are committed to their proper application, particularly in the area of nuclear energy safety," emphasized Gerardo Parco, Acting Director for Sustainable Development and Climate Change at the OPEC Fund for International Development.
“This workshop demonstrated how the EBRD can leverage the IAEA’s expertise and experience to support countries in developing nuclear energy in a safe and sustainable manner, while ensuring investor confidence,” said Debbie Cousins, Director of Operations in the Environment and Sustainability Department at the European Bank for Reconstruction and Development. “Building on the IAEA’s more than 30 years of experience in 170 member states, we can develop a robust approach to ESG risk management that benefits operators and regulators, host countries, and investors alike. The EBRD looks forward to further strengthening this partnership as a model for responsible support of nuclear energy by multilateral development banks.”
The seminar marked a transition to a more coordinated collaboration. During the discussions, interest was also expressed in holding similar events at the regional level, as developing countries are seeing growing demand for nuclear technology.
"The seminar provided a unique opportunity to gain a detailed understanding of nuclear safety, waste management, emergency response, and related areas," noted Ki Young Nam, Lead Energy Economist at the Asian Development Bank. "Given its relevance and practical significance, holding a similar seminar for the Asian Development Bank would be highly beneficial for further strengthening nuclear energy programs in the Asia-Pacific region."
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