The UK is continuing to work with our European partners to achieve the successful establishment of a Nuclear Fuel Bank under International Atomic Energy Agency (IAEA) auspices. As part of our ongoing commitment to this project, the EU has pledged to provide €25 million to assist the Nuclear Threat Initiative in achieving its announced goal of $100 million. Although it is not possible to predict when modalities and conditions for such a project will be agreed, the matter will be raised at the next IAEA Board of Governors, to be held in Vienna from 2 to 6 March 2009. The matter is also the subject of ongoing discussion at the EU Working Group on Non-Proliferation.
EU Foreign Ministers agreed in December to contribute up to €25 million once the conditions and modalities for the nuclear fuel bank have been defined and approved by the International Atomic Energy Agency (IAEA)’s Board of Governors. At least 80 per cent. of the EU contribution will come from the European Commission’s Instrument for Stability, a tool designed to address situations of crisis and instability in third countries. Any balance is expected to be financed by the EU’s Common Foreign and Security Policy Budget. Details of the UK’s contribution to the EU budget are set out at: