Washington is buzzing with optimism as World Bank chief Ajay Banga launches the Gaza Reconstruction and Development Fund, a game-changer for post-conflict revival in the devastated strip. Designed to marshal global aid, the fund promises orderly deployment of resources toward vital reconstruction.
At the Board of Peace’s debut session, Banga clarified the bank’s ‘limited trustee’ status, executing directives from the new oversight body. Reacting promptly to a UN Security Council green light, the institution has fully operationalized the fund, primed for incoming contributions.
‘Accountability is non-negotiable,’ Banga asserted, detailing stringent protocols for tracking every dollar. A dedicated financial controller from the World Bank, on loan to the board, will enforce elite standards in finance and monitoring.
Delving into the bank’s strategic contributions, Banga highlighted three pillars: optimizing public funds by tapping high credit ratings for bond issuances; mitigating risks for private sector inflows via innovative guarantees; and applying decades of fieldwork knowledge to on-site projects.
Far from a passive observer, the World Bank pledges deep engagement. The agenda includes overhauling homes, roads, schools, and hospitals, plus instituting fresh governance in Gaza. Heavyweight donors, led by a $10 billion US vow, have stepped up with massive commitments.
This institutional backbone could redefine postwar recovery, offering Gaza a credible shot at renewal amid years of turmoil.