Empty Promises: Trump’s Board of Peace Gaza Fund at Zero as Donors Bypass World Bank

A grand promise

In late January 2026, on the sidelines of the World Economic Forum in Davos, Donald Trump unveiled the Board of Peace, an organization he described as "one of the most influential international organizations ever created." Nineteen countries signed the founding charter, and at a Washington meeting in February, member states pledged $7 billion for a Gaza aid package, with Trump promising an additional $10 billion in US financing. The United Nations was expected to contribute $2 billion. The board was tasked with coordinating post-war reconstruction, disarmament of Hamas, and Israeli withdrawal from the Gaza Strip.

one of the most influential international organizations ever created

The empty fund

Four months after the board’s establishment, the official fund—administered by the World Bank and endorsed by the UN—has received no money from donors, according to four people familiar with the matter. "Not a single dollar has been deposited," one source told the Financial Times. The fund was designed for the reconstruction and development phase, which has not yet been reached because Israeli military operations continue despite a US-backed ceasefire, and the security situation remains volatile. The board has no immediate access to the $17 billion in commitments, stalling all large-scale rebuilding efforts.

Not a single dollar has been deposited.

Bypassing transparency

Instead of using the World Bank mechanism, the board has received donations directly through an account at JPMorgan, according to the board’s spokesperson. Unlike the World Bank fund, which must report its financial status to donors and board members, the JPMorgan account has no independent transparency requirements. A Board of Peace official told the FT that donors had chosen this route voluntarily. The limited funds received—including about $20 million from Morocco—have covered the office of Nickolay Mladenov, the high representative for post-war Gaza, and salaries for the Palestinian technocratic committee. The UAE pledged $100 million for a new Gaza police force, but the program has not started and the funds are frozen. Overall, total direct donations amount to less than $1 billion, far short of the promises.

Several options for receiving funding have been established… donors have chosen to use other options.

Stalled mission

Progress on the board’s three core objectives—disarming Hamas, withdrawing Israeli troops, and rebuilding the enclave—remains at a standstill. In its first report, released last week, the board placed the blame squarely on Hamas, calling its refusal to agree to controlled disarmament the "main obstacle." Israel has continued to carry out strikes across Gaza, killing at least 910 Palestinians since the October 2025 ceasefire, according to the territory’s health ministry. Israel still controls over 60% of the Strip and all entry and exit points. The board has been unable to deploy reconstruction funds or support the National Committee for the Administration of Gaza (NCAG) in a meaningful way.

The main obstacle is Hamas's refusal to agree to controlled disarmament, renounce its coercive rule and enable a genuine civilian transformation in the Gaza Strip.

Political isolation

The Board of Peace, which grants Trump lifetime chairmanship and veto power over all decisions, has drawn sharp divisions. Major European democracies including Germany, France, the United Kingdom, and Poland refused to join, while founding members include a mix of Trump’s ideological allies (Argentina under Javier Milei, Israel, Hungary under Viktor Orbán), Middle Eastern powers (Saudi Arabia, Qatar, UAE, Bahrain, Kuwait, Oman, Turkey), and smaller nations seeking closer ties with Washington (Kazakhstan, Azerbaijan, Uzbekistan, Belarus, Bulgaria, Pakistan). The lack of broad international legitimacy has deepened the organization’s legal and political limbo, leaving its future—and Gaza’s—uncertain.