UN General Assembly establishes the Technology Bank for the least developed countries

UsaNewsOnline.Com, York, 23 December : The United Nations Member States today unanimously decided to establish the Technology Bank for the Least Developed Countries. The Technology Bank is the newest organ of the General Assembly. For the first time in the history of the United Nations, the General Assembly has established an entity to foster technological leapfrogging of LDCs. Welcoming the Charter, the Chair of the Global Coordination Bureau of the LDCs and Permanent Representative of Bangladesh to the UN, Ambassador Masud Bin Momen said, “The adoption of the Charter symbolizes the strong commitment and political will of the international community to realize the 2030 Agenda. It paves the way for implementing the other goals and targets, many of which are deeply contingent upon leveraging modern and clean technologies”. This is a milestone achievement for the LDCs under the chairmanship of Bangladesh. Bangladesh delegation played a major role in forging consensus among the 193 members of the General Assembly on the resolution. While introducing the resolution for adopting the Charter, the President of General Assembly acknowledged with appreciation the role played by Bangladesh in drafting the resolution and also in the entire process. This institution of the United Nations opens up a new horizon of opportunities for the 48 least developed countries of the world to get access to modern technologies and to build their homegrown capacities in promoting science, technology and Innovations. The establishment of the Bank marks the realization of the first target of the SDGs to be achieved. Earlier, the Secretary-General of the UN had formed a 13-member High-level Multi-stakeholder Governing Council which formulated the Charter of the Bank. The Council remains responsible for strategic plan, the annual work programme, operational principles, policies and guidelines and the budget of the Technology Bank. A dedicated Trust Fund has also been established to support the preparatory phase of the Technology Bank in the lead up to its establishment by the General Assembly. This Trust Fund is open to contributions from Member States and other stakeholders, including the private sector and foundations. The Technology Bank would be situated in Gebze, Turkey. Press Release .