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2 February 2022, Gebze 鈥� The UN Technology Bank for Least Developed Countries (UN Technology Bank) and the Government of the Republic of Turkey signed a five-year Financial Agreement today at the UN Technology Bank鈥檚 headquarters in Gebze, Turkey. The newly signed Financial Agreement marked Turkey鈥檚 continuous support to the world鈥檚 46 least developed countries (LDCs) for their development in science, technology and innovation (STI) in reaching the Sustainable Development Goals. The Agreement commits to provide funds to the operational and programme activities of the UN Technology Bank for the next five years.

The UN Technology Bank was established by the General Assembly as a pivotal mechanism to close the STI gaps between LDCs and the rest of the world. Since becoming operational in 2018, the UN Technology Bank has demonstrated its effectiveness in working with the LDCs and multi-stakeholder partners to place STI priorities at the forefront of the development dialogue and policy actions. Through the three main tracks of the programme: Technology Needs Assessments, technology transfer and STI policy and capacity building, the UN Technology Bank has been able to respond to LDC-specific needs and leverage partnerships to support STI development and deployment in LDCs.

The Financial Agreement will provide the resources needed to address the global challenges faced by the LDCs. However, global challenges require global support and actions. In addition to Turkey鈥檚 generous pledge as the host country, the global community including Bangladesh, Guinea, India, Italy and Norway have provided financial or in-kind support to the UN Technology Bank. The UN Technology Bank calls on the Member States and development partners to mobilize resources to enable the UN Technology Bank to reach its full capacity and fulfill its mandate.