$7 Bn Pledged, $0 In Account: Trump's Board Of Peace Fund Empty, 4 Months After Its Big Bang Launch

Last Updated:May 28, 2026, 09:53 IST

Donald Trump's Board of Peace fund for Gaza is empty, donations bypassed the World Bank to a JPMorgan account, projects stalled and legal status questioned

Four months after its massive launch, the official fund for United States President Donald Trump’s Board of Peace has run out of money, and the organisation is now mired in legal and political limbo, halting projects aimed at rebuilding Gaza, as per a report published in the Financial Times.

Speaking about the board, which had solicited $1 billion “lifetime membership" fees from world leaders, Trump had said that it is one of the “most consequential" international organisations ever formed.

Member states pledged $7 billion towards the board’s Gaza relief package, while Trump committed an additional $10 billion in US funding.

However, four months after the fund’s establishment, it has not received any money from the donors, the Financial Times reported. “Zero dollars have been deposited," according to a person familiar with the matter. The financial fund was set up by the World Bank.

Donations Get Routed To JPMorgan Account Instead Of World Bank

Instead of routing contributions through the World Bank-administered fund endorsed by the UN, donations to the board were deposited directly into its JPMorgan account, according to the board’s spokesperson and another person familiar with the arrangement.

Also Read: No Arms For Hamas To Future Of Gaza Strip: The Proposal Of Trump’s Board of Peace

Although the World Bank is required to disclose the Gaza fund’s financial status to contributors and board members, the JPMorgan account is not subject to any independent transparency or reporting requirements, as per the Financial Times.

Speaking to the FT, a Board of Peace official said “a number of options were established to receive funding", including the World Bank mechanism, adding that “at this point, contributors have opted to use other options".

The official further said the Board of Peace “will report its financials" to its executive board, comprising Trump administration officials and other advisers, “at a time deemed appropriate".

Financial contributions from Morocco and the United Arab Emirates, estimated at around $3 million and $20 million respectively, have so far been used to support the office of Nickolay Mladenov, the board’s “high representative" for postwar Gaza, as well as salaries for the Palestinian technocratic committee established to administer the enclave.

According to two people familiar with the matter, the UAE also committed $100 million towards training a new police force for Gaza. However, the initiative has not yet begun and the funds remain frozen.

Separately, the US State Department is planning to redirect roughly $1.2 billion in aid spending towards projects aligned with the board’s objectives. The money is not expected to flow directly to the board and, so far, none of it has been spent.

A senior congressional aide said: “None of that money [has gone to the board]. None of that money is being managed by the Board of Peace. And State tells us there’s no intent to have any of that money managed by the Board of Peace."

The State Department is also seeking to provide nearly $50 million directly to the board for operational expenses, though the funds have yet to be released. According to the congressional aide, officials have assured lawmakers that the board will not receive the money until proper financial safeguards and oversight systems are established.

In a statement, the State Department said it “supports the president’s vision" for the board and “continues to evaluate how existing authorities, programmes and inter-agency co-ordination can best support those objectives".

Although the board has started inviting bids for reconstruction and security-related projects in Gaza, no contracts have been awarded so far, its spokesperson said.

“A lot of it is because we’re not operating in Gaza yet" because Hamas had yet to disarm, the spokesperson added.

‘Not One US Dollar Deployed To Rebuild Gaza

Trump unveiled the Board of Peace in January with considerable publicity, triggering concerns in several European capitals that the initiative could emerge as a parallel structure to the United Nations. The organisation’s primary mandate was to supervise Gaza’s reconstruction following two years of war and destruction.

Also Read: Donald Trump’s Gaza Board Of Peace Meets Today: Who Is Attending?

Soon after, Trump’s son-in-law and adviser Jared Kushner presented ambitious concepts for a technologically advanced Gaza featuring AI-driven infrastructure, modern skyscrapers and high-end residential and commercial projects.

Estimates from the EU, the UN and the World Bank, however, suggest that rebuilding Gaza over the next decade could require more than $70 billion.

Despite those plans, little tangible progress has been achieved. Two people involved in postwar Gaza planning said “not one US dollar" had so far been spent on rebuilding the Palestinian territory, the Financial Times reported.

The board’s legal standing and operational structure have also come under scrutiny in Washington, with US lawmakers seeking greater clarity from the Trump administration.

Democratic Senator Brian Schatz said Secretary of State Marco Rubio had described the board as having a legal framework similar to that of a UN body, calling it “a creature of the UN to contemplate reconstruction and humanitarian efforts in Gaza".

Schatz noted, however, that Trump appeared to portray the organisation very differently, referring to it as “sort of a king’s court". “So I just don’t know which one it is . . . It is not obvious to me at all," Schatz said.

News world $7 Bn Pledged, $0 In Account: Trump's Board Of Peace Fund Empty, 4 Months After Its Big Bang Launch

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