Technology transfer could see a boost in the least developed countries if the initiative goes ahead.

The United Nations is set to announce a panel of experts that will work out a full proposal that could boost innovation in the least developed countries. The panel will run a feasibility study to help create the UN’s tech transfer organisation, dubbed Technology Bank.

Some dozen expert, including scientists, business leaders and government representatives, will make up the panel that will be aiming to have the bank running by 2015. It will use the feasibility study to work out details such as governance arrangements, funding opportunities and defining working methods.

Turkey is hoping to host the Technology Bank, and has committed funds towards the feasibility study. The Technology Bank gained the official support of the UN general assembly, which passed a resolution to this effect in 2011. The final plans worked out by the panel will however also need to be approved by the general assembly.

The bank will focus on three key areas. Firstly, it will operate a patent bank, enabling the least developed countries to negotiate access to IP. Secondly, it will work towards creating the necessary ecosystems and establish incubators. Finally, it will offer researchers in the target countries access to scientific literature and build networks.

Teresa Liu, chief of development solutions and technology exchange at the UN Office for South-South Cooperation, said: “The tasks awaiting us are huge, but the initiative will expand its value by leveraging other existing efforts, such as those of other UN agencies.”