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Building on this proposal Warren Buffett who as you know is one of the richest individuals in the United States, he's also an advisor to a non-governmental organization in Washington called the Nuclear threat initiative, which is headed by former senator Sam Nunn and also by Ted Turner - the person who founded CNN.

Уоррен Баффеттің Америка Құрама Штаттарындағы ең бай адамдардың бірі екенін білетін осы ұсынысына сүйене отырып, ол Вашингтондағы үкіметтік емес ұйымның кеңесшісі болып табылады ядролық қауіп бастамасы, оны бұрынғы сенатор Сэм Нанн басқарады, сонымен қатар Тед Тернер-CNN негізін қалаған адам.

So, Warren Buffett offered to NTI 50 million dollars of his own money. And the Nuclear threat initiative then came and offered a challenge to the IAEA that NTI would provide the IAEA with 50 million dollars on the condition that the IAEA and its member states raise a hundred million dollars either in nuclear material or in money. And with this amount of 150 million dollars to buy enough uranium to fuel a 1,000 megawatt nuclear power reactor and to put it in an IAEA owned and controlled nuclear fuel bank. So his initial offer was of 50 million dollars and by late 2009 early 2010 we at the IAEA had managed to raise promises and donations amounting to in excess of 100 million dollars. So the European Union promised to provide 25 million euros of which 20 million euros are already in the IAEA's bank account, Kuwait provided 10 million dollars, Norway provided five million dollars, United Arab Emirates another ten million dollars and then the government of the United States provided 50 million dollars.

And then Kazakhstan at that time sent a note to the IAEA that it was willing to provide a location or a host site for the IAEA enriched uranium bank and it would cover all the costs associated with that particular hosting of the low enriched uranium bank.

So if we look at the timeline the original discussion that NTI had and I was part of the NTI delegation was with the Russian Federation to buy two metric tons of highly enriched uranium coming out of dismantled Russian nuclear weapons. And you will recall that at the time of President Yeltsin there was an agreement between the Russian Federation and the United States for the Russian Federation to sell 500 metric tons of highly enriched uranium coming out of dismantled Russian nuclear warheads to the United States for 20 billion dollars over 20 years.

And this material would be down blended into low-enriched uranium and generate electricity for use in the United States. So this is also called the “Megatons to megawatts project”. And in the past decade up to twenty percent of the electricity generated in the United States from nuclear came from uranium that was once sitting in nuclear warheads pointed at the United States.

The Russian Federation in the end decided that it could not sell strategic nuclear material to a non-governmental organization. So the NTI then repackage its proposal and as I just mentioned to you they made the proposal to the IAEA in the form of a challenge grant. And in 2009 President Nazarbayev announced his readiness to host this bank and then State secretary Saudabayev when he visited the IAEA in December of 2009 reconfirmed Kazakhstan’s intention to provide a host location. The IAEA's board of governors approved the establishment of this low-enriched uranium Bank in November 2010. And then in in March 2011 the IAEA sent out official notifications to its member states asking for formal proposals to host the low enriched uranium bank. And the Kazakhstan offered us two sites and we selected the one site in Kazakhstan following a trip in august of 2011.

Kazakhstan then reconfirmed the host site and then by the time I left we had already started negotiations on a host state agreement with the government of Kazakhstan. And that