United Nations officials today hailed the establishment of the Technology Bank for the Least Developed Countries (LDCs), which will go a long way in addressing one of the major challenges facing the world's poorest nations.

The Bank, to be headquartered in Gebze, Turkey, also marks the achievement of the first target of the 2030 Agenda for Sustainable Development, namely SDG 17.8.

"This achievement is not only highly symbolic but also of great strategic importance to the LDCs in the overall achievement of the Sustainable Development Goals," said Fekitamoeloa Katoa 'Utoikamanu, the UN High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States.

There are currently 47 countries on the list of LDCs, comprising more than 880 million people (about 12 per cent of world population), but accounting for less than 2 per cent of global GDP and about 1 per cent of the global trade in goods.

"We must ensure that the LDCs are not yet again left behind," Ms. 'Utoikamanu told a press conference at UN Headquarters, stressing that access to technology, science and innovation are critical for this group of countries.