Gaza reconstruction fund tied to Trump Board of Peace reported empty

The official Gaza reconstruction fund linked to Donald Trump's Board of Peace has received no donor money so far, according to a source familiar with the board's operations. The fund was set up to help coordinate rebuilding in Gaza after the US-backed ceasefire between Israel and Hamas, but the source said it is intended for a later reconstruction and development phase that has not yet begun. The report comes despite pledges of billions of dollars from member countries.

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The source said the fund is administered by the World Bank and endorsed by the United Nations, but has not yet received any deposits from donors. Earlier on Wednesday, the Financial Times reported that the board had received donations directly into a JPMorgan account, citing the board's spokesperson. That account, the newspaper said, does not have independent transparency requirements.

The board's charter also requires members to pay $1 billion for a permanent seat. The board was created after the ceasefire in October that ended two years of war, and it has drawn attention for its unusual composition. Trump has sent invitations to figures and countries beyond traditional Middle East diplomacy, including Russian President Vladimir Putin, while major European nations have stayed away.

The board is led by Trump personally, with the final say over its work, and he can remain in charge beyond his presidency. Trump has said the United States would contribute $10 billion, while Qatar, Saudi Arabia and the United Arab Emirates have each promised at least $1 billion. The funding gap matters because Gaza's reconstruction needs are already expected to be vast.

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An EU-UN assessment published in April estimated more than $71 billion would be needed over the next decade to rebuild the territory. The United Nations has described the humanitarian situation there as critical, and the absence of money in the official fund raises questions about how and when large-scale rebuilding could begin. It also highlights the uncertainty around which mechanism will ultimately channel donor money into Gaza.

The situation on the ground remains unstable despite the ceasefire. Israeli military operations in Gaza have continued, and the territory's health ministry says at least 910 people have been killed since the truce took effect. Israel still controls more than 60% of the Gaza Strip, including all entry and exit points, while most of the population is concentrated along the coast.

That means the conditions needed for a reconstruction phase have not yet been met, according to the source cited in the report. What remains unclear is when the reconstruction and development phase will begin, and whether donors will use the official World Bank-administered fund or other channels. It is also not clear how much money, if any, has been committed through the JPMorgan account mentioned in the separate report.

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