A bank specifically dedicated to technology services is officially here.

Nigeria’s minister of Science and Technology, Ogbonnaya Onu, announced last year that the Nigerian government also has plans for special purpose bank for the tech sector.

The new tech bank which was opened in Turkey by the UN is expected help poor nations leapfrog development challenges.

The Bank aims to address the development challenges of the world’s poorest countries through science, technology and innovation (STI), which also represents a significant milestone for the whole 2030 Sustainable Development Agenda.

UN Deputy Secretary-General Amina Mohammed said at the inaugural event in Gebze town near Istanbul: “Technology has to diffuse to all communities to enable them to leapfrog traditional development challenges”.

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The idea of establishing a capacity building mechanism dedicated to the least developed countries (LDCs) came out of their Istanbul Conference in 2011 and was included in the world’s action plan to eliminate poverty when the 2030 Agenda for Sustainable Development was adopted by UN Member States in 2015.

In 2016, the UN General Assembly approved the creation of the Technology Bank, which was listed among targets under Sustainable Development Goal 17 on partnership.

The launch of the Bank marked the first SDG target that had been achieved, among the 169 targets under the 2030 Agenda.

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