The World Bank has expressed support for language in a US-drafted United Nations Security Council resolution that would authorize a two-year mandate for a transitional governance body in Gaza, Reuters reported on Sunday.
The backing was conveyed in a letter from World Bank President Ajay Banga to US Ambassador to the UN Mike Waltz, according to correspondence seen by the news agency.
The 15-member Security Council began negotiations on Thursday over the proposed resolution, which would establish a “Board of Peace” transitional administration. The body would be authorized to create operational entities tasked with overseeing Gaza’s reconstruction and economic recovery.
In February, the World Bank, the United Nations, and the European Union estimated the cost of rebuilding Gaza at over $50 billion. A revised interim estimate now stands at $70 billion.
“Our engagement in Gaza will require the ability to work with international partners who enjoy the full support of the international community and full authorization to undertake their efforts,” Banga wrote, as quoted by Reuters.
He added that the proposed “Board of Peace” would provide the necessary framework for the Bank’s involvement. “We are moving with all deliberate speed in these efforts so we will be ready on day one when asked to answer this call,” Banga stated.
The draft resolution also calls on the World Bank and other financial institutions to facilitate funding for Gaza’s reconstruction, including through a dedicated trust fund governed by donor nations.
The initiative aligns with the next phase of US President Donald Trump’s 20-point plan for Gaza, which began with a ceasefire and hostage release agreement between Israel and Hamas last month. The upcoming phase includes the establishment of the Board of Peace and a temporary International Stabilization Force (ISF) in Gaza.
The draft resolution, formally circulated to Security Council members on Wednesday, has received regional support from Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates, according to Reuters.
The ISF would be granted a two-year mandate and authorized to “use all necessary measures” to fulfill its mission - language that permits the use of force.