In 1997, the international Chernobyl Shelter Fund was founded to design and build a more permanent cover for the unstable and short-lived sarcophagus. It received more than €810 million and was managed by the European Bank for Reconstruction and Development (EBRD). The new shelter was named the New Safe Confinement and construction began in 2010. It is a metal arch high and spanning built on rails adjacent to the reactor No. 4 building so that it could be slid over top the existing sarcophagus. The New Safe Confinement was completed in 2016 and slid into place over top the sarcophagus on 29 November. The huge steel arch was moved into place over several weeks. Unlike the original sarcophagus, the New Safe Confinement is designed to allow the reactor to be safely dismantled using remotely operated equipment.