The World Bank has voiced its support for a United States-backed United Nations Security Council draft resolution that would establish a transitional governance body in Gaza, known as the 'Board of Peace', with a two-year mandate. This proposed administration would oversee Gaza's reconstruction and economic recovery, with the World Bank and other financial institutions tasked to facilitate funding, including through a donor-governed trust fund.

World Bank President Ajay Banga conveyed the institution's backing in a letter to the United States Ambassador to the United Nations, emphasizing the need for international cooperation and authorization to effectively engage in Gaza. The cost of rebuilding Gaza has risen to an interim estimate of $70 billion, highlighting the scale of the challenge.

The initiative forms part of the next phase of a United States plan for Gaza, following a recent ceasefire and hostage release agreement. The draft resolution has garnered regional support from Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates.