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IAEA Approves Formation of Nuclear Fuel Bank

Berkshire Hathaway Inc. Chairman Warren Buffett (file photo)

The U.N.'s International Atomic Energy Agency has approved the formation of a $150 million nuclear fuel "bank" aimed at reducing the number countries seeking to produce nuclear fuel.

The IAEA's action Friday was motivated by a $50 million pledge by U.S. billionaire investor Warren Buffett, who says the bank is an investment in a safer world. The United States is among countries contributing to the fund.

The intent of the fuel bank is to reduce the proliferation of nuclear weapons by providing an alternative to countries producing their own nuclear fuel or buying it from other countries.

The nuclear fuel bank system is limited to countries in good standing with the energy watchdog agency.

Buffett told The New York Times the spread of nuclear weaponry is the number one problem facing society, and that the fuel bank helps lower the risks.