Trump's Peace Board Stalled as Accounts Show Zero Balance
The US President Donald Trump’s Peace Board has no cash in its official funds despite billions in pledges from member nations, the Financial Times reported on Wednesday. Funds intended for Palestinian reconstruction have instead been diverted to a JPMorgan account.
The board, established in January to support Gaza’s reconstruction following an October ceasefire aimed at ending three years of conflict in the region, was proposed by Trump to aid rebuilding efforts. An EU-UN assessment published in April estimated over $71 billion would be needed for the next decade.
According to the FT, the board’s official funds, managed by the World Bank and backed by the United Nations, have not received any contributions from donors since its launch. “Zero dollars have been deposited,” a source told the newspaper. Instead, donations have reportedly been directed to a JPMorgan account, according to the board’s spokesperson. The FT noted the account lacks “independent transparency requirements.”
Trump previously stated the US would contribute $10 billion to the board, while Qatar, Saudi Arabia, and the United Arab Emirates each pledged at least $1 billion.
Under the board’s charter, member nations must donate $1 billion to secure a permanent seat. However, Indonesia, one of the participating countries, rejected the commitment, particularly after attacks on Iran.
The initiative gained attention after Trump invited nations outside traditional Middle Eastern diplomatic circles, including Russian President Vladimir Putin. Several major European countries have not joined, with France and the United Kingdom both refusing participation.
The board largely comprises longstanding US allies in the Middle East, Trump’s ideological allies, and smaller nations seeking closer ties with Washington. It is also closely tied to Trump personally, with its charter granting him ultimate authority and allowing him to retain control beyond his presidency.
The funding shortfall has affected plans for the Gaza National Administration Committee (NCAG), a US-backed Palestinian technocratic body aiming to take over governance from Hamas. Reuters reported in April, citing a Palestinian official familiar with the matter, that the board informed Hamas and other Palestinian factions that NCAG could not enter Gaza due to insufficient funds.
Sources said funding shortages and security issues have delayed the committee’s deployment. Despite the October ceasefire, violence has persisted in Gaza, with Israeli strikes reportedly killing at least 700 people since then, according to local health authorities.
Israel’s military campaign in Gaza has killed over 72,000 Palestinians since 7 October 2023, according to local health authorities, displacing most of the population.