World Bank Backs Gaza Rebuilding: Peace Initiative Gains Momentum

World Bank President Ajay Banga has reaffirmed the institution's commitment to support Gaza's reconstruction after a two-year conflict. The initiative, backed by a UN Security Council resolution, involves a trust fund aimed at rebuilding Gaza. Efforts include creating a Palestinian expert group and facilitating regional trade connections.

In a bid to contribute to Gaza's recovery from the devastation of a two-year conflict, World Bank President Ajay Banga confirmed the bank's active participation in a reconstruction initiative. This announcement was made during an event in Washington overshadowed by protests that demanded Banga's resignation.

Banga emphasized the directive of a United Nations Security Council resolution that calls upon the World Bank and other financial bodies to collaborate with President Donald Trump's Board of Peace, aimed at providing financial resources for Gaza's rebuilding. As part of this effort, a trust fund has been established, accumulating $7 billion from various contributing nations.

The reconstruction of Gaza is estimated to cost up to $70 billion, with the World Bank acting as the trustee of the fund. Despite unresolved issues such as Hamas disarmament and Israeli troop withdrawal, Banga highlighted the creation of a Palestinian expert group and plans to enhance digital and physical connectivity with neighboring regions.

(With inputs from agencies.)