Bolivia may become a new addition to the world nuclear energy community within the next couple of decades.

President Evo Morales announced that Bolivia would begin a multi billion-dollar project aimed at building the nation's first nuclear power plant as well as research facilities.

Bolivian President Morales announced the plans for the nuclear energy plans at the signing of a contract to build a new hydroelectric power plant, according to TeleSur. Morales pledged an investment of $2 billion for the planned nuclear energy project and it would fund it through 2025.

"We can never feel like a small country again now that we have liberated ourselves economically. With this type of investment toward atomic energy we are going to guarantee that," Morales said during the signing ceremony. He hopes Bolivia will become a regional energy hub.

"After the elections, whoever wins, the issue of energy, must be a priority of the state so that Bolivia can become a strategic center for energy in South America and for peace purposes," he continued.

The EFE news agency reports the plant will be built in the La Paz province. As part of the program, a PET/CT cylotron facility, a type of particle accelerator, will be built along with a nuclear power plant, and a nuclear research reactor.

A week ago the Bolivia' state-owned mining company, the Corporacion Minera de Bolivia, discovered uranium deposits in the eastern province of Santa Cruz, though how large these deposits are is unknown.

Following the signing ceremony, Minister of Development Planning Viviana Caro told the Bolivian newspaper La Razon how the project would be funded.

"We have internal resources; friendly countries have also provided funding. As in other major projects, we have created a financing structure according to the characteristics of each project," she said.

She added that Bolivia has discussed cooperation with France as well as Argentina, who will help Bolivia's nuclear energy development. Bolivia has also been in talks with Iran, and Russia has offered its help as well.