The world's first nuclear fuel bank of low enriched uranium (LEU) was officially launched in Russia on Friday, which aspiring nations could use for nuclear reactors instead of making it themselves.

"The LEU Reserve would be made available for back-up supply to any eligible IAEA member state 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," Yukiya Amano, director general of the International Atomic Energy Agency (IAEA), said at the LEU Reserve's inauguration ceremony in the Siberian city of Angarsk.

In March 2010, the IAEA signed an agreement with Russia to establish the LEU Reserve. Valued at more than 300 million U.S. dollars, the Reserve was funded by Russia, including the costs of maintenance, storage and security, according to an IAEA statement.

On Dec. 3, the IAEA authorized its director general to establish another nuclear fuel bank to be owned and managed by the agency, with its location yet to be identified. The action was intended to further promote peaceful use of nuclear energy and curb the proliferation of nuclear weapons.