UNITED NATIONS – The World Bank has expressed support for language in a US-drafted UN Security Council resolution on Gaza, which would authorize a two-year mandate for a transitional governance body, according to a letter seen by Reuters.
The resolution proposes the creation of a “Board of Peace” transitional administration with the authority to establish operational entities for Gaza’s reconstruction and economic recovery. Earlier estimates from the World Bank, UN, and EU placed the cost of rebuilding Gaza at over $50 billion, with a new interim estimate expected at $70 billion.
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World Bank President Ajay Banga wrote to US Ambassador Mike Waltz that the resolution’s authorizations would provide the necessary framework for the bank to work with international partners on reconstruction efforts. The draft also calls on the World Bank and other financial institutions to provide resources, including through a dedicated trust fund.
The draft resolution follows the first phase of US President Donald Trump’s 20-point plan for Gaza, agreed to by Israel and Hamas, including a two-year war and hostage release deal. The next phase would establish the Board of Peace and a temporary International Stabilization Force (ISF) with a two-year mandate.
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The US circulated the draft to Security Council members, claiming support from Egypt, Qatar, Saudi Arabia, Turkey, and the UAE. Adoption requires at least nine affirmative votes and no vetoes from Russia, China, France, Britain, or the US. A US official indicated the resolution could go to a vote within weeks.