World Bank Gaza Fund Has Yet to Receive Any Money, FT Reports

A World Bank fund linked to a Gaza reconstruction initiative backed by US President Donald Trump has yet to receive any money despite pledges totaling $17 billion, the Financial Times reported.

According to the newspaper, some donors have instead sent or earmarked funds outside the World Bank mechanism, including through a JPMorgan account that is not subject to the same transparency and reporting requirements.

Morocco has contributed about $20 million to support the office of Nikolai Mladenov and a Palestinian technocratic committee tasked with Gaza administration.

The United Arab Emirates has earmarked $100 million for training a new security force, although the funds have not yet been released.

The US State Department has pledged $1.2 billion for projects linked to the initiative but has not transferred any money so far. Washington also plans to provide another $50 million directly to the council, although Congress has yet to authorize the funds pending the establishment of oversight mechanisms.

The organization has begun preparing tenders for security and reconstruction work but has not awarded contracts. A spokesperson said it was not yet operating directly in Gaza because conditions outlined in Trump’s proposal, including the disarmament of Hamas, had not been met.

The Financial Times reports that "not a single US dollar" has been used for Gaza’s reconstruction.

(jpost, bak)