21 November 2017 – Technology Bank for world’s poorest countries set to start operations in 2018

The Council of the Technology Bank for Least Developed Countries concluded its inaugural meeting in New York today. The Council members met to discuss and adopt the programme of work and budget for activities in 2018 .

“The Technology Bank has tremendous potential to tackle one of the great new divides of our times   access to science, technology and capacity to innovate. It will bring on board and coordinate expertise from the entire UN System to support the world’s poorest countries across the whole spectrum of science, innovation and technology. The full operationalization of the Technology Bank is the first Sustainable Development Goal target (17.8) to be achieved,” said Ms. Fekitamoeloa Katoa ‘Utoikamanu, Under-Secretary-General, High Representative of the Secretary-General for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, and the Secretary-General’s representative on the Council.

“The Technology Bank is a new entity. It fits within the spirit of the Secretary-General’s overall reform efforts to adapt the United Nations to better support the implementation of the SDGs on the ground.”

Council members, meeting in New York, agreed that in 2018 the Technology Bank will focus on preparing a number of STI  reviews and technology needs assessments in  the world’s poorest countries. The Institution will also work in collaboration with other UN entities on promoting digital access to research and technical knowledge.

Hosted by the Government of Turkey, the Technology Bank will be located in Gebze where the premises of the Bank are currently under construction and are expected to be inaugurated in the spring of 2018. 

The Bank is expected to improve the use of scientific and technological solutions in the world’s poorest countries and promote the integration of these nations into the global knowledge-based economy.  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.

Further information: http://unohrlls.org/technologybank/

Full list of council members

Contact: Mr. Americo Zampetti – zampetti@un.org  Mr. Yeshey Dorji – yeshey@un.org