The World Bank is re-entering the nuclear energy space “for the first time in decades,” its President Ajay Banga said Wednesday, as it works towards meeting growing electricity demand in developing countries.
Banga said in an email to staff that the bank will work closely with United Nations nuclear watchdog the International Atomic Energy Agency (IAEA), “strengthening our ability to advise on non-proliferation safeguards” and regulatory frameworks.
The decision comes as electricity demand in developing countries is set to more than double by 2035, Banga noted in the memo seen by AFP.