Despite pledges of billions of dollars from member countries, the official Gaza reconstruction fund overseen by US President Donald Trump's Board of Peace remains empty, a source familiar with the board's operations told AFP on Wednesday.
Trump established the board to coordinate rebuilding efforts in Gaza after a US-backed ceasefire between Israel and Hamas in October ended two years of devastating conflict. However, the initiative has drawn criticism for its broad invitations, which included Russian President Vladimir Putin and nations with little history in Middle East diplomacy.
Funds Unpaid as Reconstruction Phase Delayed
The fund, administered by the World Bank and endorsed by the United Nations, has not received any deposits from donors, the source said. The source explained that the fund was designed specifically for the reconstruction and development phase, which has not yet been reached due to ongoing Israeli military operations in Gaza.
According to the Gaza health ministry, at least 910 people have been killed since the ceasefire took effect. Israel continues to control over 60% of the Gaza Strip, including all entry and exit points, while the population remains concentrated along the coast.
Earlier on Wednesday, the Financial Times reported that the board had received donations directly into a JPMorgan account, citing the board's spokesperson. However, the FT noted that there are no independent transparency requirements for that account.
Major European nations have largely shunned the board, which is dominated by longstanding US partners in the Middle East, ideological allies of Trump, and smaller countries seeking his attention. The board is unambiguously led not just by the United States but by Trump personally, who holds final authority and can remain in charge even after his presidency ends.
Trump previously stated that the United States would contribute $10 billion (€8.5 billion) to the board, while Qatar, Saudi Arabia, and the United Arab Emirates each pledged at least $1 billion. According to the board's charter, members must pay $1 billion for a permanent seat.
The empty fund underscores the challenges facing the board, which has struggled to gain traction among key European allies. As the conflict in Gaza continues, the lack of financial backing raises questions about the board's ability to deliver on its promises. For more on how Trump's policies are reshaping Europe's global role, see Trump's Policies Push EU Toward More Assertive Global Role, MEP Says.
