The world's first nuclear fuel bank of low enriched uranium (LEU) has been officially launched in Russia. Director general of the International Atomic Energy Agency (IAEA), Yukiya Amano, said at the LEU Reserve's inauguration ceremony in the Siberian city of Angarsk yesterday that the LEU Reserve would be made available for back-up supply to any eligible IAEA member state. He said that the supply would be given to states that might face a non-commercial disruption of supply of LEU to be used in nuclear fuel for power reactors, thereby facilitating the development of nuclear energy for peaceful purposes. In March 2010, the IAEA signed an agreement with Russia to establish the LEU Reserve. According to an IAEA statement, valued at more than 300 million U.S. dollars, the Reserve was funded by Russia, including the costs of maintenance, storage and security.