22 September 2015: A high-level panel commissioned by UN Secretary-General Ban Ki-moon concluded that a Technology Bank to support science, technology and innovation (STI) in the world’s poorest and least developed countries (LDCs) is “feasible and desirable.” The Technology Bank is expected to contribute to accelerating poverty eradication, sustainable development and structural transformation in LDCs.

Ban tasked the High-Level Panel with conducting a feasibility study on the organizational and operational functions of a Technology Bank in response to a request by the 68th UN General Assembly (UNGA). The panel held its first meeting in February 2015 and presented its study to Ban in New York, the US, on 22 September.

“Nothing quite like [the Technology Bank] has been attempted before,” the panel’s report states. It continues that “the thinking behind it has been sound and planning to-date suggests that it could be launched on an exceptionally firm foundation.” The study states that the Technology Bank “can be a game-changer” with the potential to strengthen national capabilities, provide expertise to LDCs and support negotiated agreements, all of which are expected to contribute to “ensuring that the LDCs are no longer left behind in achieving internationally-agreed development goals, especially the Sustainable Development Goals (SDGs).”

The study recommends establishing the Technology Bank in 2015-2016 and headquartering it in Istanbul, Turkey. It proposes two units: a Science, Technology and Innovation Support Mechanism; and an Intellectual Property Bank. The study further recommends the Bank should consist of a multi-stakeholder Governing Council with 12 members, modeled after the UN University (UNU). The UN Secretary-General will appoint the members on a broad geographical basis, ensuring representation from governments of the LDCs, other UN Member States, the global science, technology, and innovation community, the private sector and other stakeholders. [UNOHRLLS Press Release] [IISD RS Story on Study] [IISD RS Story on Panel Establishment] [Feasibility Study] [Technology Bank Website]