UN opens Technology Bank in Turkey

By Sahin Oktay

KOCAELI, Turkey (AA) - The UN Technology Bank dedicated to least developed countries was launched in TUBITAK Marmara Teknokent in Gebze in northwestern Kocaeli province on Monday.

Speaking at the opening ceremony, Science, Industry and Technology Minister Faruk Ozlu termed the launch of the technology bank as an important and historic milestone in terms of global efforts to strengthen capacities in science, technology and innovation of 47 least developed countries.

"This project is one of the most beautiful manifestations of our country's entrepreneurial and humanitarian foreign policy approach," Ozlu said.

In May 2011, the Istanbul Program of Action under the fourth UN Conference on Least Developed Countries had called for the establishment of a technology bank.

The long-standing priority was confirmed in the 2015 Addis Ababa Action Agenda on financing for development.

On Dec. 23, 2016, the UN General Assembly adopted resolution on the establishment of the bank in Turkey.

Ozlu added that related agreements were signed in the 72nd UN General Assembly last year, and necessary steps were quickly taken to implement this project in cooperation with Turkey and the UN.

"The establishment of the technology bank has realized the sustainable development goal target of 17.8 within the 2030 agenda for sustainable development," he said.

He said Turkey's financing was through voluntary contributions to the bank, starting from 2017 with $2 million commitment each year for a five-year period; Turkey has also assumed administrative costs as a host country.

Deputy Secretary General Fekitamoeloa Katoa Utoikamanu said: "The mission of the technology bank is to improve the capacity of science and knowledge in 47 least developed countries of the world, to promote the development of national and regional innovation ecosystems, to attract foreign technology and at the same time to increase the countries' own research, development and innovation capacities."

He added the UN office along with the Turkish government was pleased to close the gap of the poorest countries of the world through the technology bank.