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Group of Seven asks European Bank to establish multilateral Nuclear Safety Account
The Group of Seven industrialised nations has asked the European Bank for Reconstruction and Development to establish a nuclear safety account to improve the safety of nuclear reactors in eastern Europe and the former Soviet Union.
Jacques Attali, President of the European Bank, said: "I am delighted that, as the European Bank had requested 18 months ago, the G-7 has decided to establish the Fund. We can now move rapidly and effectively towards providing desperately needed hardware and equipment to upgrade those reactors which can be repaired, and ultimately to shut down the most dangerous. We will start with improving fire prevention in Chernobyl-type reactors as well as in ageing pressurised-water reactors."
Specifically, the Fund would provide grants for fire-protection equipment, safety valves, pumps for emergency core cooling systems, emergency display systems for operators, back-up diesel engines, and so forth. A strong emphasis will be put on provision of equipment, as opposed to studies that are already funded bilaterally and by the EC.
Although hundreds of millions of ECU will be needed to complete the task, the Fund requires ECU 60 million to be pledged over three years for its legal establishment. So far, the governments of France, Germany and the United Kingdom have publicly announced ECU 40 million for 1993. In addition to the G-7 countries, other European governments are expected to contribute to the Fund. It is hoped that the Fund will be approved by the Bank's Board of Directors in March and become operational by next month.
The European Bank is expected to propose specific projects to the contributors in April.
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