The Korean Peninsula Energy Development Organization has opened a board meeting in Seoul. During the two-day meeting, the executive members of the consortium will discuss next year's budget and extension of the European Union's membership which has expired. The meeting will also discuss the terms of repayment for two light water reactors the consortium has promised to build in North Korea. The Korean Peninsula Energy Development Organization is a U.S.-led international consortium in charge of building modern reactors on North Korea's northeastern coast. In a landmark agreement in 19-94, North Korea agreed to freeze its nuclear development program suspected by the United States as being used to make atomic bombs. In return, Washington promised to build safer reactors.