Technology Bank for Least Developed Countries
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:
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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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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Establishment of the Technology Bank for the Least Developed Countries:
On 23 December 2016 the United Nations General Assembly in New York officially established the Technology Bank for Least Developed Countries.
Background Note [En]
Resolution Establishing the Technology Bank for the Least Developed Countries: [En]
Technology Bank Fact-sheet [En]
Appointment of the members of the Council of the Technology Bank:
After the adoption of the General Assembly resolution on the establishment of the Technology Bank for Least Developed Countries and as mandated by its Charter the Secretary-General has appointed the members of the Council of the Technology Bank for a term ending in 2019. The Secretary-General confirmed the experts that served on an interim basis since May 2016 (see bio notes) and appointed the new Under-Secretary-General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States Fekitamoeloa Katoa ‘Utoikamanu to serve as his representative in the Council.
Ms. Heidi Schroderus-Fox, Director of OHRLLS, will serve as acting Managing Director of the Technology Bank during the operationalization phase of the Bank until a Managing Director is recruited and has assumed duties.
The Trust Fund is open to contributions from all stakeholders, including Member States.
Technology Bank for Least Developed Countries Operationalized:
New York, 22 September 2017 – 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 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.