Geneva: The World Bank has expressed support for language in a US-drafted United Nations Security Council resolution proposing a two-year mandate for a transitional governance body to oversee Gaza’s reconstruction and economic recovery.
The draft resolution, now under negotiation among the 15 Security Council members, would establish a temporary administration called the Board of Peace. This body would be tasked with rebuilding Gaza’s war-torn infrastructure and coordinating international aid and recovery efforts.
In a letter addressed to US Ambassador to the UN Mike Waltz, World Bank President Ajay Banga said the proposed structure offers the needed framework for the Bank’s engagement in Gaza. He noted that the Bank’s involvement must be tied to entities “authorized to undertake their efforts with full international support.”
The World Bank, along with the UN and the European Union, had earlier estimated that rebuilding Gaza could cost over $50 billion. Updated figures now suggest the total may exceed $70 billion as the devastation deepens.
The draft resolution calls on the World Bank and other financial institutions to mobilize resources and establish a dedicated trust fund for Gaza’s reconstruction. Banga welcomed this approach, saying the Bank was “moving with all deliberate speed” to be ready when called upon.
The proposed plan aligns with the second phase of a broader U.S.-brokered initiative following last month’s truce between Israel and Hamas, which included a hostage release deal. The next stage envisions the establishment of the Board of Peace and an International Stabilization Force (ISF) with a two-year mandate. The ISF would be authorized to use all necessary measures to carry out its mission.
US officials say the resolution has received regional backing from Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates. If adopted, the plan would mark a significant step toward rebuilding Gaza under an internationally supervised framework.
