World Bank partners with IAEA to promote nuclear energy in developing countries

The World Bank Group and the International Atomic Energy Agency (IAEA) have formalised a partnership to promote the safe, secure, and responsible use of nuclear energy in developing countries.

The agreement, signed by World Bank Group president, Ajay Banga and IAEA Director General, Rafael Mariano Grossi, marked the Bank’s first significant engagement with nuclear power in decades and follows a year of collaboration between the two institutions.

According to the World Bank Group, the partnership reflects its new, broader approach to electrification — one that prioritises accessibility, affordability, reliability, and responsible emissions management.

With electricity demand in developing countries expected to more than double by 2035, this initiative aims to support energy solutions tailored to each country’s development priorities and climate commitments.

Commenting on the agreement, Banga noted the importance of nuclear energy in providing reliable baseload power, which he described as essential for building modern economies.

“Jobs need electricity. So do factories, hospitals, schools, and water systems. As demand surges — from AI and economic development alike — we must help countries deliver reliable, affordable power.

“That’s why we’re embracing nuclear energy as part of the solution, and reembracing it as part of the mix the World Bank Group can offer developing nations to achieve their ambitions,” he said.

Banga added that the partnership would deepen technical expertise, support countries that opt for nuclear energy, and ensure that safety, security, and sustainability remain central to every stage of development.

Nuclear energy provides continuous baseload power, improving grid stability and supporting job-generating sectors such as manufacturing, healthcare, tourism, infrastructure, and agribusiness.

It also creates high-skilled employment opportunities and encourages wider economic investment.

Additionally, nuclear power can adjust to changing electricity demands and assist in integrating variable renewable energy sources.
IAEA Director General Rafael Mariano Grossi hailed the agreement as a milestone.

“This landmark partnership, yet another sign of the world’s return to realism on nuclear power, opens the door for other multilateral development banks and private investors to consider nuclear as a viable tool for energy security and sustainable prosperity. Together, we can help more people build a better future,” he said.

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