Technology Bank_891

The 2011 Istanbul Programme of Action called for the establishment of a technology bank and a science, technology and innovation supporting mechanism dedicated to least developed countries (the “Technology Bank”), a long-standing priority of the LDCs confirmed in the 2015 Addis Ababa Action Agenda and in Sustainable Development Goal 17. The establishment of the Technology Bank is expected to be the first target of the SDGs to be met.

Preparatory work towards the Technology Bank culminated with the report of the feasibility study prepared by a High-Level Panel of Experts in 2015. The Panel’s recommendations highlighted that the Technology Bank, modelled on the United Nations University, has the potential to strengthen national capabilities and provide expertise to the world’s least developed countries, ensuring that they are no longer left behind in achieving internationally agreed development goals. The panel underscored that the establishment of the technology bank is not only required but also feasible. On that basis the General Assembly requested the Secretary-General to take the steps necessary to launch and operationalize the Technology Bank by 2017.

Progress towards the establishment of the Technology Bank for the Least developed Countries:

Governing Council of the Technology Bank

In order to expedite the process, the Secretary General has appointed the members of the Governing Council of the Technology Bank. In the period leading up to the formal establishment of the new institution, the Governing Council provides support to the Secretary General towards the operationalization of the Technology Bank by 2017. 

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First meeting of the Governing Council

The first meeting of the Governing Council of the Technology Bank took place on 26-27  July 2016 at United Nations Headquarters in New York, United States.

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