Board of Peace has zero cash

What's happened

Since January, the US‑led Board of Peace for Gaza has received pledges totalling billions but has had virtually no funds transferred into its World Bank‑administered account; donors are instead routing money into a JPMorgan account with limited transparency, and only a small share of pledged aid has reached Gaza as fighting and political disputes continue. (28 May 2026)

What's behind the headline?

What is happening

• The Board of Peace has been set up to coordinate Gaza reconstruction, but it has not received the pledged funds into its World Bank trust account; reports say "zero dollars have been deposited." Donors have instead given directly into a JPMorgan account without independent transparency requirements.

Why donors are withholding or diverting funds

• Donor governments are questioning the Board's structure and political mandate. Experts are saying the board "has no political vision" and treats Gaza as an American protectorate, which is deterring Arab and European states.
• Continued Israeli military operations and unresolved political conditions — notably Hamas's refusal to disarm and the unclear implementation of the Board's 20‑point plan — are keeping the situation insecure and making reconstruction premature.

Immediate consequences

• The Board is reporting an urgent liquidity gap; operational work and the training of a Palestinian police force are stalling despite isolated transfers (for example, a $100m UAE payment for police training).
• Without funds reaching the World Bank trust, the reconstruction framework will remain paper‑only and will not deliver tangible relief or rebuilding in Gaza.

What will happen next

• Donors will continue to withhold large disbursements until the Board clarifies governance, transparency, and political conditions; some countries will refuse to join the Board entirely.
• The funding shortfall will force the Board to rely on ad hoc transfers and contingent arrangements, which will slow reconstruction timelines and keep Gaza in prolonged humanitarian limbo.

Reader relevance

• This will determine whether pledges translate into houses, hospitals and supplies in Gaza or remain political commitments with no material effect.

How we got here

Donald Trump has conceived and personally leads the Board of Peace to oversee Gaza’s reconstruction after an October ceasefire. Major pledges were announced in February, including a claimed $10bn US contribution and Gulf states' $1bn pledges, but the UN and EU have estimated reconstruction needs at over $70bn over the next decade.

Our analysis

Multiple outlets are reporting the funding gap and governance concerns with similar core facts but different emphases. The Financial Times (cited by The New Arab and France 24) is the primary source for the claim that the World Bank‑administered fund has received "zero dollars," and that some donations are being routed into a JPMorgan account that "has no independent transparency requirements." France 24 notes the FT quoted unnamed sources and highlights that the Board's fund was designed for a reconstruction phase "which has not yet been reached," and that Israeli operations have continued with additional casualties. Al Jazeera and The Guardian are stressing donor reluctance as political: Al Jazeera quotes aid expert Moath al‑Amoudi saying the pledges are closer to a "talk show" than real aid and that "out of the $17bn pledged, the actual liquidity that has reached the ground is zero." The Guardian and The Times of Israel cite a Board submission to the UN Security Council (15 May) acknowledging the gap between commitments and disbursements and warning of urgency; The Times of Israel gives granular detail on which pledges have been transferred (noting the UAE sent $100m for police training) and on attempts to repurpose Palestinian tax revenues. Direct quotes and attribution: - Financial Times (reported via France 24 / The New Arab): "Zero dollars have been deposited," an unnamed source said. - Al Jazeera (reporting expert view): Moath al‑Amoudi said, "Out of the $17bn pledged, the actual liquidity that has reached the ground is zero." - The Guardian (15 May Board submission): the Board said "Funds committed but not yet disbursed represent the difference between a framework that exists on paper and one that delivers on the ground." Together the coverage shows agreement on the core problem — a gap between pledged and delivered funds — while differing on the causes: some sources emphasise administrative timing and reconstruction phase timing, others emphasise political objections to the Board's str

Go deeper

• Who is authorised to withdraw from the JPMorgan account and what transparency rules apply?
• Which donor countries have actually transferred money and for which specific projects?

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