The resolution calls on the World Bank and other financial institutions to facilitate and provide resources for the reconstruction of Gaza, estimated to cost around $70 billion.
NOVEMBER 9, 2025
Britain’s Ambassador to the United Nations Barbara Woodward votes on a draft resolution demanding a ceasefire in Gaza, during a meeting of the UN Security Council at UN headquarters in New York City, US, September 18, 2025(photo credit: Eduardo Munoz/Reuters)Updated: NOVEMBER 9, 2025 22:24
The World Bank backs language in a US-drafted United Nations Security Councilresolution 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.
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 economic recovery programs.
The World Bank, the UN, and the European Union had estimated in February that it would cost more than $50 billion to rebuild Gaza, and are finalizing a new interim estimate of $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 US Ambassador to the UN Mike Waltz.
“The proposal to establish an authority, in the current draft the Board of Peace, by the UN 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 UN 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 militants Hamas agreed a month ago to the first phase of US 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 UN resolution would endorse, is to establish the Board of Peace and a temporary International Stabilization Force in Gaza.
The US 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 US 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 US official, speaking on condition of anonymity, said on Sunday.
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Source: https://www.jpost.com/international/article-873294?utm_source=jpost.app.apple&utm_medium=share
