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🇮🇱 Israel /Economy & Trade

World Bank fund for Trump's Board of Peace receives zero dollars despite billions pledged

From Jerusalem Post · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

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  • The World Bank fund for Donald Trump's Board of Peace has received no money despite $17 billion in pledges from the US and other nations.
  • Board spokesperson stated that donations have been deposited directly into its JPMorgan account, bypassing the World Bank fund.
  • Morocco and the UAE have contributed funds for specific purposes, but some are frozen, and the US has reallocated aid spending, not directly managed by the board.

A fund established by the World Bank for Donald Trump's Board of Peace has reportedly received zero dollars, despite international pledges totaling $17 billion. Four sources familiar with the matter told the Financial Times that no funds have been deposited into the designated World Bank account.

Zero dollars have been deposited.

· Source familiar with the matterA source told the Financial Times that the World Bank fund for the Board of Peace has received no money.

However, a spokesperson for the Board of Peace indicated that while the World Bank fund remains empty, donations have been received and deposited directly into the board's JPMorgan account. "A number of options were established to receive funding," the spokesperson told the FT, adding that contributors have opted for these alternative methods.

This arrangement means the JPMorgan account is not obligated to report its financial status to contributors and board members, unlike the World Bank. The board has committed to reporting its financials internally "at a time deemed appropriate."

A number of options were established to receive funding. At this point, contributors have opted to use other options.

· Board of Peace officialThe official explained why the World Bank fund has not received donations.

Morocco has contributed approximately $20 million, which has supported the office of Nickolay Mladenov, the high representative for postwar Gaza, and salaries for a Palestinian administrative committee. The United Arab Emirates pledged $100 million for training a new police force in Gaza, but these funds are frozen, and the program has not commenced. The US State Department committed to reallocating about $1.2 billion of aid spending for projects on the board's agenda, but this money is not being managed by the Board of Peace, according to a senior congressional aide.

At this point, contributors have opted to use other options.

· Board of Peace officialThe official explained why the World Bank fund has not received donations.

Officials stated that the board has begun the process of tendering for security and reconstruction work, but no contracts have been awarded. The delay is partly attributed to the board not yet operating in Gaza, as Hamas has not been disarmed, a prerequisite for Trump's phased plan for the region.

The Board of Peace has committed to reporting its financials to its own executive board “at a time deemed appropriate,” the official said.

· Board of Peace officialThe official commented on the board's financial reporting.
About this summary

Originally published by Jerusalem Post in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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