At a meeting in Vienna today, the 35-member IAEA Board of Governors welcomed the award of the Nobel Peace Prize to the IAEA and Director General ElBaradei.

The Board decided the monetary award accompanying the Nobel Peace Prize will be used for funding the needs of developing countries in the peaceful application of nuclear energy and, in this connection, both human health and food production were specifically mentioned. The Board authorized Dr. ElBaradei to establish a special fund for the Agency′s share of the 1.07 million Euro award that accompanies the Nobel Peace Prize.

In an address to the Board, Dr. ElBaradei said he was grateful that the Norwegian Nobel Committee had recognized the challenges ahead for the Agency. These included the fight against nuclear terrorism and significant expansion of the use of nuclear energy for peaceful purposes, he said.

"I compare ourselves to an orchestra. I am simply the conductor of a qualified, well-tuned and dedicated orchestra... We need to make every possible effort for the highest level of security. We owe it to humanity. The award also shows the will of humanity to address challenges and to seize the opportunity for a better life for future generations," Dr. ElBaradei said.

The Norwegian Committee awarded the 2005 Nobel Peace Prize on 7 October 2005 to the IAEA and Director General ElBaradei in equal shares. The award ceremonies for the Nobel Peace Prize take place 10 December in Oslo, Norway.