The World Bank steps up prominently in Gaza’s postwar era, with President Ajay Banga revealing a specialized fund to orchestrate international aid for reconstruction. This ‘Gaza Reconstruction and Development Fund’ will systematically handle donations, directing them to high-priority development works.
Addressing the Board of Peace’s first gathering in Washington, Banga positioned the bank as a ‘limited trustee,’ guided solely by the board’s oversight. The fund sprang to life right after UN Security Council approval, now fully equipped to absorb donor funds.
Upholding ironclad transparency, the setup mandates detailed reporting on fund usage. Donors gain real-time insights, backed by robust financial controls, legal frameworks, and independent audits. A World Bank-appointed financial controller embedded with the board ensures unflinching compliance.
Banga articulated three core functions: amplifying public resources through credit-enhanced private financing; safeguarding private investments with risk-mitigating tools; and harnessing practical, boots-on-the-ground know-how for project delivery.
The ambitious plan targets sweeping renovations in housing, essential infrastructure, and public amenities, alongside a novel Palestinian administrative model for Gaza. Nations worldwide, including a $10 billion pledge from America, have rallied with billions in support.
By institutionalizing aid flows, this World Bank-led effort emerges as a landmark collaboration, poised to transform Gaza’s landscape and uplift its people toward a brighter future.