 LEU. What is it? LEU, low-enriched uranium, is the basic ingredient used to fabricate fuel for most nuclear power reactors. In December 2010, the International Atomic Energy Agency Board of Governors authorised the Director-General to establish an IAEA LEU Bank to serve as an assurance of supply mechanism of last resort. There are a number of mechanisms worldwide for assurance of supply of nuclear fuel. The LEU Bank is a physical stock of LEU owned and managed by the IAEA. The availability and operation of the IAEA LEU Bank is consistent with the rights of IAEA member states to develop research, production and use of nuclear energy for peaceful purposes. The Republic of Kazakhstan, with its modern infrastructure and 60 years of experience in nuclear fuel supply, offered to host the bank. Following IAEA assessment, the Alba Metallurgical Plant in Ustkiminogorsk was found suitable as a host site. The $150 million IAEA LEU Bank project is fully funded by voluntary contributions from several donors. The LEU Bank holds a physical reserve of up to 90 metric tonnes of LEU. This is suitable to make fuel for a typical light-water reactor. The storage facility that houses the LEU Bank was designed and constructed for this purpose. It incorporates robust security arrangements as well as enhanced safety features. How does the IAEA LEU Bank work? A member state faced with exceptional circumstances or unable to secure LEU from the commercial market or by any other means may request a supply. The IAEA Director-General will determine whether the request meets the criteria approved by the IAEA Board of Governors. The LEU will be transported from the LEU Bank to the member state through China or Russia, as agreed with those countries. The money paid to the IAEA for the supply will be used to replenish the stock of LEU. Through various international cooperation activities, the IAEA promotes innovation that leads to more efficient and affordable nuclear technologies.