Accra: Mr Rafael Mariano Grossi, the Director General of the International Atomic Energy Agency (IAEA), has announced improvements in access to international finance for advancing nuclear power programs, especially in developing countries. He noted that the absence of financial support was often influenced by long-standing restrictions and perceptions surrounding nuclear energy rather than technical limitations.
According to Ghana News Agency, Mr Grossi emphasized during a press briefing at the conclusion of a weeklong training for journalists from both developed and developing countries, that major international financial institutions had historically been cautious about supporting nuclear projects. This caution limited access to capital for countries interested in adopting nuclear technology. However, efforts by the IAEA to engage development finance institutions have prompted a significant policy shift.
He highlighted past discussions with World Bank leadership, which have led to a new partnership and an agreement signed last year in Paris. As a result, the World Bank is now positioned to support financing for nuclear-related projects, marking a significant breakthrough for countries exploring this technology. This development has generated wider momentum across regional financial institutions.
Mr Grossi also reported that cooperation agreements have been established with institutions such as the Development Bank of Latin America (CAF), the Inter-American Development Bank, and the Asian Development Bank. Discussions are ongoing with the African Development Bank. He stressed the involvement of multilateral finance institutions as crucial for mobilizing capital and reducing investment risks, noting that private investors are more likely to invest when international finance institutions and insurers are involved in a project.
The Director General described these changes as creating a more enabling environment where governments, financial institutions, and technical agencies collaborate to support responsible nuclear deployment. Under the emerging arrangement, countries seeking to develop nuclear energy infrastructure, including Small Modular Reactors (SMRs), can approach financing institutions and rely on the IAEA for independent assessments on safety, security, and non-proliferation requirements.
He explained that when a country approaches the World Bank to introduce an SMR in the future, the World Bank consults the IAEA for evaluations on safety, security, and non-proliferation. Mr Grossi noted that early signs suggest this financing shift is already encouraging project pipelines in regions like Africa and Europe. He expressed optimism that stronger coordination between development finance institutions and international nuclear regulators would accelerate access to cleaner and more reliable energy systems for countries pursuing long-term energy transformation.