The World Bank backs language in a US-drafted United Nations Security Council resolution on Gaza that would authorise a two-year mandate for a transitional governance body, according to a letter to the United States seen by Reuters.
The 15-member UN Security Council began negotiations on Thursday on the text that would mandate a so-called Board of Peace transitional governance administration, giving it the authority to establish operational entities to address issues including the reconstruction of Gaza and of economic recovery programmes.
The World Bank, the UN and the European Union had estimated in February it would cost more than $50 billion to rebuild Gaza, and are finalising a new interim estimate of $70bn.
“Our engagement in Gaza will require the ability to work with international partners who enjoy the full support of the international community and full authorisation to undertake their efforts,” World Bank President Ajay Banga wrote to US Ambassador to the UN Mike Waltz.
“The proposal to establish an authority, in the current draft the Board of Peace, by the UN Security Council with the authorisations set out in the resolution would provide the needed framework for engagement by the Bank,” he said in the letter dated Saturday.
Banga was responding to correspondence from Waltz, thanking him for sharing the draft UN resolution.
The World Bank did not immediately respond to a request for comment on the letter.
The current text also ‘calls upon the World Bank and other financial institutions to facilitate and provide financial resources to support the reconstruction and development of Gaza as it would provide to its members, including through the establishment of a dedicated trust fund for this purpose and governed by donors.’
Banga said the bank appreciated this language, adding: “We are moving with all deliberate speed in these efforts so we will be ready on day one when asked to answer this call.”
Israel and Hamas agreed a month ago to the first phase of US President Donald Trump’s 20-point plan for Gaza, a ceasefire in their two-year war and a hostage release deal.
The next phase of the plan, which the draft UN resolution would endorse, is to establish the Board of Peace and a temporary International Stabilisation Force in Gaza.
The US formally circulated the draft resolution to Security Council members late on Wednesday and has said it has regional support from Egypt, Qatar, Saudi Arabia, Türkiye and the UAE for the text.
The draft would authorise a two-year mandate for the ISF that could ‘use all necessary measures’ – language for force – to carry out its mandate.
The US asked countries to submit feedback on the text by last Friday, said diplomats.
A council resolution needs at least nine votes in favour and no vetoes by Russia, China, France, Britain or the United States to be adopted.
Washington has said it aims to put the draft to a vote within ‘weeks, not months’.
“Overall, things are looking very positive. We’re making changes to respond to concerns that some have raised,” a US official, speaking on condition of anonymity, said yesterday.
Israel received the remains of a deceased Israeli soldier who was killed in Gaza more than a decade ago.
Prime Minister Benjamin Netanyahu’s office said in a statement the remains were handed over to Israeli forces in the Palestinian territory by the Red Cross, confirming his identity in a later statement.
Hamas’ armed wing had earlier said it would hand over the body of Hadar Goldin, a military officer killed in an ambush in Gaza during the 2014 Israel-Hamas war.
Since an October 10 ceasefire came into effect in the war raging since 2023, Hamas has released 20 living hostages as part of Trump’s plan to end the conflict.
In exchange, Israel has freed nearly 2,000 Palestinian prisoners and wartime detainees.
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