Officials say that the Board of Peace fund, intended to provide aid to the Palestinian people and rebuild Gaza, is empty. 

In October, Hamas and Israel signed a peace agreement brokered by President Donald Trump. The agreement established a Board of Peace chaired by the President, provided a pathway to end the Israeli war against Gaza, and established a fund to rebuild the Palestinian territory. 

Trump initially demanded that all countries pay a $1 billion fee to sit on the Board. Many countries have rejected Washington’s invitation, with some fearing the Board’s plan for the Palestinian people will be a violation of international law. 

A total of $17 billion, including $10 billion from the US, was pledged to the Board of Peace fund that was established at the World Bank. According to four people familiar with speaking with the Financial Times, “Zero dollars have been deposited.”

Rather than using the World Bank fund, as required by the UN, the board has operated through a JPMorgan account with no oversight mechanism. An official said that the Board will report its finances to its own executive committee at a time deemed appropriate. 

Tens of millions of dollars have been deposited into the Board’s account, and it has been used to pay the salaries of the Palestinian technocratic administration that is meant to govern Gaza post-war. However, Israel continues to attack Gaza, and there is no sign that the two sides will move towards completing a deal. 

In recent weeks, Israel has assassinated family members of Hamas negotiators and top members of the group.