In a stark revelation that underscores the paralysis of international reconstruction efforts, the World Bank-administered fund established for President Donald Trump’s “Board of Peace” in Gaza officially contains zero dollars. This finding comes despite approximately $17 billion in pledges from various nations, raising serious questions about the viability of the administration’s signature post-conflict initiative.
The board, personally chaired by Trump, was conceived to oversee the rebuilding of the devastated Palestinian enclave, but it remains a financial shell, stalled by legal uncertainty and disputes over transparency.
The empty vault: Where did the pledges go?
The core issue is a fundamental disconnect between promises and disbursement. A senior congressional aide confirmed that none of the pledged money has reached the Board of Peace. The Department of State has indicated there is no intention to route those funds through the board’s official channels. Instead of using the transparent, World Bank-administered account, the board has reportedly directed some donations into a private account at JPMorgan Chase.
This arrangement bypasses independent oversight and standard aid protocols, leaving donors and the public with limited visibility into how any funds are spent.
A king’s court or a UN-like agency?
The board’s unconventional structure has also drawn sharp criticism. Unlike traditional multilateral bodies, the Board of Peace is personally led by Trump, who retains final authority indefinitely. The charter requires countries to pay a one-billion-dollar fee for a permanent seat, a price tag that has deterred major European allies. Sen. Brian Schatz highlighted the tension between the State Department’s portrayal of the board as a standard UN-like agency and Trump’s characterization of it as a “king’s court.” Key powers like France and Britain have refused to pay the entry fee, leaving the board’s membership thin and its financial base weak.
No contracts, no construction: A stalled operation
The board has awarded no contracts for actual reconstruction projects, as it is not yet operating inside Gaza. The primary obstacle is Hamas’ refusal to disarm. Trump has linked all reconstruction aid to full demilitarization, creating a classic deadlock: the board cannot operate in Gaza without security, but security cannot be achieved without reconstruction funding. The Palestinian technocratic committee, formed to assume governance, remains unable to execute any work due to a total lack of funding. Even modest sums from Morocco and the UAE have been used primarily for staff salaries, not infrastructure.
Hellbound and Down 