Technology Bank for Least Developed Countries Inaugurated

Technology Bank, a new United Nations (UN) body, was officially inaugurated in Gebze, Turkey; it will be dedicated to addressing the needs of the Least Developed Countries (LDC) through the means of science, technology, and innovation.

Why it matters:

• This marks the achievement of first Sustainable Development Goal (SDG), SDC 17.8. It also corresponds with the Agenda’s principle of leaving no one behind.
• At the moment, 47 of the world’s countries are categorized as least developed. Nepal is still considered as an LDC by the UN; the decision for graduation to developing countries will be done in 2021.
• 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.
• The objective of the technology bank is to help the world’s 47 least developed countries foster their development through means of technology.

The Details:

• Back in November of 2017, the Governing Council of the Technology bank met and adopted the work plan and budget for 2018.
• The Technology bank will also help in making the data more accessing to researchers and scientists. It will also focus on Science, Technology and Innovation Policy in the 12 least developed countries- Bangladesh, Mozambique, Nepal, Rwanda, Senegal, Uganda, Tanzania, Bhutan, Burkina Faso, Liberia, Madagascar, and Malawi.