World Bank Backs US Plan for $70 Billion Gaza Reconstruction via UN Board

The World Bank has formally backed a key U.S. proposal for Gaza’s future. This support came in a letter to American officials seen by Reuters. The plan involves a new United Nations-backed transitional authority.

This authority would oversee the massive reconstruction of the war-torn territory. According to World Bank, UN, and EU estimates, this effort could now cost around $70 billion. The U.S. aims for a Security Council vote on the plan within weeks.

Framework for Massive Rebuilding Effort Gains Crucial Support

World Bank President Ajay Banga sent the letter to U.S. Ambassador Mike Waltz. He stated the proposed UN framework is needed for the Bank’s engagement. The draft resolution would establish a “Board of Peace” administration.

This board would have a two-year mandate. It would create entities to handle reconstruction and economic recovery. The Bank specifically appreciated language calling on financial institutions to provide resources.

Banga wrote that the Bank is preparing to move quickly. He said they aim to be ready on the first day they are called upon. This endorsement is a significant step for the U.S.-drafted plan.

International Endorsement and Next Steps for Security Council

The U.S. draft resolution endorses a multi-phase plan for Gaza. The first phase includes a ceasefire and hostage release deal. The next phase is the creation of the Board of Peace and a stabilization force.

The proposal has reportedly gained regional support. Key nations like Egypt, Qatar, and Saudi Arabia are on board. The U.S. is now making changes to the text based on feedback from other council members.

A U.S. official said the overall outlook is very positive. A resolution requires at least nine votes and no veto from permanent members. Washington’s goal is a vote in the coming weeks.

This international backing marks a pivotal moment for the proposed $70 billion Gaza reconstruction plan. The World Bank’s support provides crucial financial and institutional credibility to the ambitious framework. The coming Security Council negotiations will determine if this complex blueprint can move forward.

Thought you’d like to know-

What is the estimated cost to rebuild Gaza?

The World Bank, United Nations, and European Union are finalizing a new estimate. The latest interim figure is approximately $70 billion. This is an update from a $50 billion estimate made in February.

What is the “Board of Peace” mentioned in the draft?

It is a proposed transitional governance administration for Gaza. The U.S. draft UN resolution would authorize it for a two-year mandate. Its job would be to establish entities to manage reconstruction and recovery programs.

Which countries support the U.S. draft resolution?

The United States says it has regional support from several key nations. These include Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates. The World Bank’s letter adds significant institutional backing to the plan.

What happens next with this UN resolution?

The U.S. has circulated the draft to all 15 Security Council members. They are collecting feedback and making changes. The U.S. aims to put the resolution to a formal vote within weeks.