Taffere Tesfachew, Acting Managing Director of the United Nations Technology Bank for Least Developed Countries, has announced that the bank is providing assistance to these nations.
Tesfachew added that the aid encompasses aspects of investment, industrial development, and various technological transformations.
He noted that investment flows to the least developed countries amount to nearly $26 billion annually.
Speaking on the sidelines of the UN Conference on Trade and Development (UNCTAD) 2023 Annual Investment Forum, Tesfachew stated that the UN seeks to support at least 40% of these 46 countries, 33 of which are in Africa and 9 in Asia.
This support focuses on technology, food systems, health, and addressing climate change-related activities.
Tesfachew explained that the goal is to assist these countries in achieving the Sustainable Development Goals by 2030.
Estimates indicating the need for these nations reveal a requirement of around $100 billion annually for the health sector, which is part of the Sustainable Development Goals’ priorities, and other estimates highlight the necessity for financing and flows of nearly $2.5 trillion annually to achieve the 17 Sustainable Development Goals.
He emphasized that everyone is striving to achieve the Sustainable Development Goals by 2030, covering various aspects such as health, food security, manufacturing, innovation, technology, energy, and poverty reduction, including global women’s empowerment and gender equality. These goals require accelerated efforts.
Tesfachew underscored the importance of the Global Investment Forum in achieving these targets. The forum contributes to creating investment opportunities and raising awareness of the need for investments in the least developed countries.
It also highlights the importance of sustaining investments to ensure the achievement of sustainable development and technology transfer.
He mentioned that the General Assembly of the UN Technology Bank was established in 2018 to identify the economic and social challenges faced by the least developed countries and provide technological solutions.
Additionally, it seeks to mobilize support from nations and companies to contribute to the development of this group of countries.
It is worth noting that the eighth edition of the UN Conference on Trade and Development (UNCTAD) 2023 Annual Investment Forum is currently being held at the Abu Dhabi National Exhibition Center (ADNEC) from October 16 to October 20.
The forum brings together a select group of leaders, heads of states, decision-makers, business leaders, and top executives from multinational corporations, as well as civil society representatives from around the world
