Trump’s Board of Peace Gaza fund remains empty despite billions in pledges
Four months after its establishment, the official reconstruction fund for Gaza has received no money from donor nations, even as major Middle Eastern states promised billions. The Financial Times notes a lack of transparency requirements for funds held in a JPMorgan account.
Four months after its inception, the official Gaza reconstruction fund of US President Donald Trump’s Board of Peace has received no money from donor countries, despite pledges of billions of dollars. A source familiar with the board told AFP that funds have not been deposited because the fund is designated for the reconstruction phase, which has not yet begun due to continued Israeli military operations in Gaza.
Since the US-backed ceasefire was signed in October, at least 910 people have been killed in the territory. Israel still occupies and controls more than 60 percent of the devastated Gaza Strip, including all entry and exit points, while the Palestinian population remains concentrated on the coast. The health ministry in the territory reported the casualties, highlighting the ongoing volatility despite the truce agreement.
The board, which is administered by the World Bank and endorsed by the United Nations, was conceived by Trump to rebuild Gaza following a two-year war between Israel and Hamas. However, the initiative has faced scrutiny over its structure and membership. Major European nations have largely shunned the board, which is led by Trump and includes countries such as Qatar, Saudi Arabia, and the UAE, each of which promised at least $1 billion.
While the Financial Times reported that the board had received donations into a JPMorgan account, it noted a lack of independent transparency requirements. The board’s spokesperson confirmed the donations to the account, but the absence of external oversight mechanisms has raised questions about financial governance. Members of the board are required to pay $1 billion for a permanent spot, according to its charter.
The financial gap contrasts sharply with the scale of need. An EU-UN assessment published in April estimated that more than $71 billion will be needed over the next decade for the reconstruction of war-ravaged Gaza, where the UN says the humanitarian situation is critical. Trump previously stated that the United States would contribute $10 billion to the board, but the lack of immediate deposits underscores the political and operational hurdles facing the initiative.
