The official reconstruction fund of US President Donald Trump's Board of Peace has received no money from donors, despite member countries pledging billions of dollars, a source familiar with the board told AFP on Wednesday. The fund, administered by the World Bank and endorsed by the United Nations, was designed specifically for the reconstruction and development phase of Gaza — a threshold that, according to the source, has not yet been reached, explaining why no deposits have been made.
Separately, the Financial Times reported, citing four sources, that the board has received some funds deposited directly into a JPMorgan bank account — an arrangement that carries no "independent transparency requirements." The Board of Peace pushed back on the coverage in a post on X, calling the World Bank-administered fund "just one of many funding mechanisms" that donors have not yet used, and insisting that the board is being funded "through other mechanisms." The board also accused the Financial Times of attempting to cast doubt on the commitment of the United States and its partners.
Trump established the Board of Peace in January, initially as a vehicle to oversee the ceasefire between Israel and Hamas — agreed in October after two years of devastating war in Gaza — and to coordinate the territory's reconstruction. Its scope has since expanded to encompass a broader range of international disputes, raising concerns among critics that it could become a rival body to the United Nations. The board is personally chaired by Trump, who retains final authority and can remain in charge beyond his presidency. Trump has said the United States will contribute $10 billion, while Qatar, Saudi Arabia and the United Arab Emirates have each pledged at least $1 billion; permanent membership requires a $1 billion contribution under the board's charter.
The body has attracted a notably uneven membership. Major European powers, including France and the United Kingdom, have declined to join, while the board's roster is dominated by longstanding US partners in the Middle East, ideological allies of Trump, and smaller nations seeking closer ties with Washington. Russia's Vladimir Putin also received an invitation, a move that drew widespread surprise.
The funding gap matters because the scale of what lies ahead is enormous. A joint EU-UN assessment published in April, conducted with the World Bank, estimated that rebuilding Gaza will cost more than $71 billion over the next decade. The UN has described the humanitarian situation in the territory as "critical." Meanwhile, Israeli military operations have continued despite the ceasefire, with at least 910 people killed since it took effect, according to Gaza's health ministry. Israel currently controls more than 60 percent of the Gaza Strip, including all entry and exit points, with the Palestinian civilian population largely concentrated along the coast.