Trump’s Gaza reconstruction fund has received no money at all, even though member countries promised billions of dollars. According to The Financial Times, not a single dollar has been deposited into the official fund.
The board, known as the Board of Peace, was created by US President Donald Trump after a US-backed ceasefire in October. It was meant to coordinate the rebuilding of Gaza. But it has been surrounded by controversy from the start, including criticism over the invitation extended to Russian President Vladimir Putin to join the board.
The fund is administered by the World Bank and endorsed by the United Nations. According to the source, no money has been deposited because the fund is designed specifically for the reconstruction and development phase of Gaza’s recovery, and that phase has not yet started.
The Gaza fund’s empty coffers raise serious doubts about the board’s real intentions
The situation on the ground in Gaza continues to get worse. At least 910 people have been killed since the ceasefire, with Israeli military operations still ongoing. Israel currently controls more than 60% of the Gaza Strip, including all entry and exit points, while the population remains concentrated along the coast.
The board has also come under fire for its lack of transparency. The Financial Times reported on Wednesday that donations have been going directly into a JPMorgan account, citing the board’s spokesperson. However, the FT noted that there are no “independent transparency requirements” in place for that account. This is just one of several recent controversies surrounding Trump’s leadership decisions that have drawn public scrutiny.
Most major European countries have refused to join the board. The board is made up mostly of longstanding US partners in the Middle East, countries that share Trump’s political views, and smaller nations looking to gain Trump’s favor.
Critics have also raised concerns about Trump personally leading the board, especially since its charter would allow him to remain in charge even after his presidency ends. Questions about Trump’s business dealings on sanctioned land have added further fuel to concerns about conflicts of interest.
Trump previously said the United States would contribute $10 billion to the board. Qatar, Saudi Arabia, and the United Arab Emirates each pledged at least $1 billion. Under the board’s charter, permanent members are required to pay $1 billion for a seat. However, an EU-UN assessment published in April estimated that more than $71 billion will be needed over the next decade to rebuild Gaza, where the UN has described the humanitarian situation as “critical.”
The board’s structure also draws some distinction between the JPMorgan account and the official World Bank fund. While some donations may have gone to the JPMorgan account, the official reconstruction fund administered by the World Bank, which is the one designed for the rebuilding phase, has received nothing at all, according to the source.
Published: May 27, 2026 12:45 pm