World Bank, in letter to US, backs draft UN resolution on Gaza

UNITED NATIONS: The World Bank backs language in a U.S.-drafted United Nations Security Council resolution on Gaza that would authorize a two-year mandate for a transitional governance body, according to a letter to the United States seen by Reuters.

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The UN Security Council is negotiating a resolution to create a "Board of Peace" to lead Gaza's reconstruction.
The World Bank, UN, and EU estimate Gaza's recovery will cost around US$70 billion, with a trust fund proposed.
The US draft resolution has regional backing and includes a temporary force; a vote is expected soon.

The 15-member UN Security Council began negotiations on Thursday on the text that would mandate a so-called Board of Peace transitional governance administration, giving it the authority to establish operational entities to address issues including the reconstruction of Gaza and of economic recovery programs.

The World Bank, the U.N. and the European Union had estimated in February it would cost more than US$50 billion to rebuild Gaza, and are finalizing a new interim estimate of US$70 billion.

"Our engagement in Gaza will require the ability to work with international partners who enjoy the full support of the international community and full authorization to undertake their efforts," World Bank President Ajay Banga wrote to U.S. Ambassador to the U.N. Mike Waltz.

"The proposal to establish an authority, in the current draft the Board of Peace, by the U.N. Security Council with the authorizations set out in the resolution would provide the needed framework for engagement by the Bank," he said in the letter dated Saturday.

Banga was responding to correspondence from Waltz, thanking him for sharing the draft U.N. resolution. The World Bank did not immediately respond to a request for comment on the letter.

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The current text also "calls upon the World Bank and other financial institutions to facilitate and provide financial resources to support the reconstruction and development of Gaza as it would provide to its members, including through the establishment of a dedicated trust fund for this purpose and governed by donors."

Banga said the bank appreciated this language, adding: "We are moving with all deliberate speed in these efforts so we will be ready on day one when asked to answer this call."

Israel and Palestinian fighters Hamas agreed a month ago to the first phase of U.S. President Donald Trump's 20-point plan for Gaza, a ceasefire in their two-year war and a hostage release deal. The next phase of the plan, which the draft U.N. resolution would endorse, is to establish the Board of Peace and a temporary International Stabilization Force in Gaza.

The U.S. formally circulated the draft resolution to Security Council members late on Wednesday and has said it has regional support from Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates for the text.

The draft would authorize a two-year mandate for the ISF that could "use all necessary measures" - language for force - to carry out its mandate.

The U.S. asked countries to submit feedback on the text by last Friday, said diplomats. A council resolution needs at least nine votes in favor and no vetoes by Russia, China, France, Britain or the United States to be adopted. Washington has said it aims to put the draft to a vote within "weeks, not months."

"Overall, things are looking very positive. We're making changes to respond to concerns that some have raised," a U.S. official, speaking on condition of anonymity, said on Sunday.