On June 26, 2025, World Bank Group President Ajay Banga and International Atomic Energy Agency (IAEA) Director General Rafael Grossi formalized a partnership agreement aimed at advancing nuclear energy initiatives. During the signing event, Banga highlighted the disparity in electricity consumption between high-income countries and Africa, where usage remains significantly lower.
Banga pointed out that electricity demand in developing countries is projected to more than double by 2035, necessitating an increase in annual investments from $280 billion to approximately $630 billion. This investment is crucial for connecting 300 million people in Africa to electricity by 2030.
The approach emphasizes accessibility, affordability, and reliability while managing emissions responsibly. Banga stated, "We believe access to electricity is a fundamental human right," underscoring its importance for development across various sectors including jobs, health systems, education, and public safety.
A key component of this strategy involves reentering the nuclear energy space after decades. The initiative includes building capacity for advising on non-proliferation safeguards and regulatory frameworks, extending the life of existing reactors, and accelerating Small Modular Reactors' potential.
Banga stressed the importance of collaboration with IAEA: "That is why today’s partnership with the International Atomic Energy Agency is critical—and marks a tangible first step in our return to nuclear energy." The IAEA's expertise will help build internal capacity across several topics essential for successful nuclear energy projects.
The coordinated effort aims to ensure responsible deployment of nuclear energy where appropriate while providing necessary guidance and support. Banga concluded by expressing gratitude for the partnership's role in helping countries meet their energy needs effectively.