Washington, September 16, 2026 (Yes Punjab News)
World Bank President Ajay Banga has made nuclear energy financing a priority as the institution re-engages with the sector after several decades, US Treasury Secretary Scott Bessent has told lawmakers.
Speaking before the House Financial Services Committee, Bessent said the US had made nuclear energy a priority for the World Bank and that Banga had adopted the issue as an institutional priority.
The World Bank began re-engaging with nuclear energy in 2025. In June that year, it formalised a partnership with the International Atomic Energy Agency (IAEA) to support the safe, secure and responsible use of nuclear power in developing countries. The partnership focuses on strengthening nuclear expertise, extending the operating life of existing reactors and exploring small modular reactors (SMRs).
Bessent said nuclear power could help developing economies secure reliable electricity, improve living standards and support economic growth.
House Financial Services Committee Chairman French Hill also welcomed the World Bank’s renewed engagement with nuclear energy. He said the institution’s agreement with the IAEA marked its first concrete step towards returning to the sector and highlighted the creation of a Nuclear Energy Assistance Trust Fund.
Hill said developing economies needed reliable and affordable electricity to support economic growth and argued that nuclear energy could contribute to that objective.
The renewed focus on nuclear power is part of a broader World Bank approach to expanding access to affordable and reliable electricity. The institution says countries can choose energy pathways suited to their national circumstances, while its nuclear programme focuses on safety, security, safeguards and responsible development.
The committee also discussed the World Bank’s future engagement with China. The bank’s board discussed a new Country Partnership Framework for China covering 2026-2031 in July, indicating continued engagement with the country during that period.
Banga, who was born in Pune, became World Bank Group president in June 2023. Before joining the World Bank, he served as Mastercard’s president and CEO.
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