Technology Bank for Least Developed Countries Operationalized, 22 September

DEV/3292
22 September 2017

Technology Bank for Least Developed Countries Operationalized, 22 September

The Technology Bank, a new body dedicated to the least developed countries was operationalized today, with the signing of the Host Country Agreement and the Contribution Agreement between the Government of Turkey and the United Nations.  This marks an important milestone in global efforts to strengthen the science, technology and innovation capacity in the world’s 47 least developed countries.

The new Bank will contribute to the efforts to achieve the Sustainable Development Goal target 17.8 and respond to the 2030 Agenda for Sustainable Development’s principle of “leaving no one behind”.

The Technology Bank will be located in Gebze, Turkey.  The new Bank is expected to improve the utilization of scientific and technological solutions in the world’s poorest countries and promote the integration of least developed countries into the global knowledge-based economy.  This will be achieved through improving technology-related policies and facilitating the access to appropriate technologies.

The Secretary-General said:  “The operationalization today of the Technology Bank for the least developed countries marks a major step forward in assisting the world’s most vulnerable countries to shore up their science, technology and innovation aspirations and potential.  This new Bank will help to ensure that we live up to the expectations of the international community to achieve the 2030 Agenda, realize the Sustainable Development Goals and leave no one behind.”

“I welcome Turkey’s generous financial support as host of the Technology Bank and I am encouraged by the equally generous pledges from the least developed countries.  I urge other Member States and stakeholders including the private sector, academia and foundations to also make voluntary contributions.  Collectively, we shall ensure a solid and sustainable financial footing for the Technology Bank,” said Ms. Fekitamoeloa ‘Utoikamanu, High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States.

In 2011, the Istanbul Programme of Action for the least developed countries called for the establishment of a technology bank dedicated to least developed countries.  This long-standing priority was confirmed in the 2015 Addis Ababa Action Agenda on Financing for Development and in the 2030 Agenda for Sustainable Development, Sustainable Development Goal target 17.8.  In December 2016, the United Nations General Assembly adopted resolution 71/251 on Establishment of the Technology Bank for Least Developed Countries.

For information media. Not an official record.