Negotiators from the European Commission reached agreement on 22 May 1997 with the Korean Peninsula Energy Development Organization (KEDO) on the terms of entry of the European Union into the Organization. KEDO was established in March 1995 as part of an international initiative to respond to fears over safety and nuclear proliferation in North Korea. It aims to provide North Korea with new proliferation-safe light water reactors, based on improved and safer technology. As an interim measure, KEDO funds will be used to supply oil as an alternative fuel. Under the terms of the agreement reached, the EU, formally Euratom, will contribute ECU 75 million to KEDO over a five-year period. The EU will participate as a full member on the same terms as the founder members (South Korea, Japan and the USA). The agreement must now be formally adopted by the Commission, and then approved by the Council of Ministers before entering into force. Sir Leon Brittan, Vice-President of the European Commission, speaking after the agreement was reached, stated that "By joining KEDO, Europe is sending a strong signal of the importance it attaches to strengthening political and security ties in Asia". Involvement in KEDO will allow European companies to tender for KEDO projects, in addition to contributing to stability in the region, he said.