Trump-Sponsored Peace Board for Gaza Reconstruction Reportedly Received No Funding

The Peace Board, an initiative spearheaded by former U.S. President Donald Trump with the stated goal of rebuilding Gaza, appears to be mired in significant financial and administrative difficulties. Sources close to the matter indicate that the board has not received any funding, despite initial pledges from member nations.

According to reports, including one initially published by the Financial Times, the board's fund, which is managed by the World Bank and approved by the United Nations, has a balance of zero dollars. This is despite member countries having promised at least $7 billion to finance the initiative. The board was established in January and was intended to be personally directed by Trump, even after his departure from the White House.

An initiative spokesperson explained to the Financial Times that the fund was conceived for the reconstruction and development phase in Gaza, which has not yet begun. Instead of utilizing this fund, the board has reportedly received direct donations to a JPMorgan bank account. This mechanism for rebuilding Gaza, following a ceasefire between Israel and Hamas brokered by the U.S. in October, was designed at Trump's discretion.

European Union countries have distanced themselves from the forum, which includes historical U.S. partners in the Middle East, ideological allies of Trump, and smaller nations seeking his attention. South American presidents Javier Milei of Argentina and Santiago Peña of Paraguay enthusiastically supported Trump's initiative. However, enthusiasm waned upon learning that a permanent seat on the board cost $1 billion, to be administered exclusively by Trump. Indonesian President Prabowo Subianto, for example, ruled out his country paying the demanded sum.

The only known financial contributions that have materialized are $20 million from the United Arab Emirates and $3 million from Morocco. These funds were used to establish the office of the "high representative" for the post-war period in Gaza, Nickolay Mladenov, and to cover the salaries of Palestinian members of the technocratic committee tasked with managing the enclave. The Peace Board stated it would "report on its finances" to its own board of directors, composed of Trump administration officials and other advisors, "at a time deemed appropriate."