The U.S. Department of Energy has announced a $50 million donation to the International Atomic Energy Agency (IAEA) for the purpose of establishing an International Nuclear Fuel Bank.

The funding was authorized late last year in the National Defense Authorization Act for Fiscal Year 2008. U.S. Sens. Dick Lugar and Evan Bayh worked with the Chairmen and Ranking Members of the House and Senate Committees on Armed Services to include the funding and Statement of Managers recognizing the need for the Lugar-Bayh legislation, S. 1133, The Nuclear Safeguards and Supply Act of 2007.

“This is an important step in the U.S. promotion of an International Nuclear Fuel Bank. We will continue to work to advance this critical new component of nuclear nonproliferation,” said Lugar, the Republican leader of the Senate Foreign Relations Committee.

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