The World Bank has expressed support for language in a U.S.-drafted United Nations Security Council resolution that would authorize a two-year mandate for a transitional governance body to oversee Gaza’s reconstruction, according to a letter seen by Reuters.
In a message dated Saturday to U.S. Ambassador to the U.N. Mike Waltz, World Bank President Ajay Banga said the proposed “Board of Peace”, a transitional administration for Gaza envisioned in the draft resolution, would create the framework needed for international engagement and rebuilding.
“Our engagement in Gaza will require the ability to work with international partners who enjoy the full support of the international community,” Banga wrote. “The proposal to establish an authority… by the U.N. Security Council with the authorizations set out in the resolution would provide the needed framework for engagement by the Bank.”
The draft resolution, which the 15-member Security Council began negotiating last week, would authorize the Board of Peace to establish operational bodies tasked with reconstruction, humanitarian coordination, and economic recovery in the war-torn enclave.
It also proposes creating an International Stabilization Force (ISF) with a two-year mandate empowered to “use all necessary measures” to carry out its mission — diplomatic language permitting the use of force.
The text further calls on the World Bank and other financial institutions to “facilitate and provide financial resources” for Gaza’s reconstruction, including through a dedicated donor-governed trust fund.
Banga welcomed this provision, saying the bank is preparing “to be ready on day one” to assist.
The World Bank, United Nations, and European Union had previously estimated in February that rebuilding Gaza could cost more than $50 billion, but they are now finalizing a revised estimate of roughly $70 billion following months of continued destruction.
The draft resolution aligns with the second phase of U.S. President Donald Trump’s 20-point plan for Gaza, which follows a ceasefire and hostage release deal agreed between Israel and Hamas last month.
The plan envisions the creation of the Board of Peace and the temporary deployment of the ISF to stabilize the territory.
Washington formally circulated the draft text to Council members last week, saying it has regional support from Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates.
A U.S. official said on Sunday that discussions are progressing well. “Overall, things are looking very positive. We’re making changes to respond to concerns that some have raised,” the official said, adding that the U.S. hopes to bring the draft to a vote “within weeks, not months.”
Source: Reuters
Written By Rodney Mbua
