New ECOSOC Resolution Welcomes the Inauguration of the Technology Bank for LDCs

Press Release 

NEW YORK, 8 August 2018 – The United Nations Economic and Social Council (ECOSOC) welcomed in its new resolution adopted on 24th of July 2018 at the Coordination and management Meeting, the operationalization of the Technology Bank for the Least Developed Countries (LDCs) and the inauguration of its headquarters in Gebze, Turkey.

In resolution L.26 adopted by consensus, on review and coordination of the implementation of the Programme of Action for the Least Developed Countries for the Decade 2011-2020, the Council indicated that the operationalization and the inauguration of the Technology Bank “signify the achievement of the first SDG target (17.8)”.

The Council also expressed its appreciation for the contributions made by Turkey, Norway, Sudan, Bangladesh and the Philippines, and invited Member States, as well as international organizations, foundations and the private sector, to provide voluntary financial contributions and technical assistance to the Technology Bank to ensure its effective operation.

Recognizing the synergies between the implementation of the Istanbul Programme of Action and the 2030 Agenda for sustainable Development, and reaffirming that the least developed countries are the most vulnerable group of countries, the Council called upon the least developed countries, their development partners, the United Nations system and all other actors to further intensify their efforts to fully and effectively implement, in a coherent and expeditious manner, the commitments that have been made in the Istanbul Programme of Action in its eight priority areas, namely, (a) productive capacity, (b) agriculture, food security and rural development, (c) trade, (d) commodities, (e) human and social development, (f) multiple crises and other emerging challenges, (g) mobilizing financial resources for development and capacity-building and (h) good governance at all levels.

Furthermore, the Council invited the United Nations development system to prioritize allocations to the least developed countries by developing operational guidelines with clear budget targets, as appropriate.

The Technology Bank is a new UN institution. Its establishment is seen as a significant achievement for the development of science, technology and innovation in the world’s poorest countries. The initiative has been supported by the UN Office of The High Representative for Least Developed Countries, Landlocked Developing Countries and Small Island Developing States since 2011.

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