World Bank, in letter to US, backs draft UN resolution on Gaza

NEW YORK - The World Bank backs language in a US-drafted United Nations Security Council resolution on Gaza that would authorise a two-year mandate for a transitional governance body, according to a letter to the US seen by Reuters.

The 15-member UN Security Council

began negotiations on Nov 6

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 of economic recovery programs.

The World Bank, the UN and the European Union had estimated in February it would cost more than US$50 billion (S$65 billion) to rebuild Gaza, and are finalising a new interim estimate of US$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 authorisation 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 authorisations set out in the resolution would provide the needed framework for engagement by the Bank," he said in the letter dated Nov 8. 

Mr Banga was responding to correspondence from Mr Waltz, thanking him for sharing the draft UN resolution. The World Bank did not immediately respond to a request for comment on the letter. 

US responding to concerns about UN draft, says US official

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."

Mr 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 in October 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 Stabilisation Force in Gaza.

The US formally circulated the draft resolution to Security Council members late on Nov 5 and has said it has regional support from Egypt, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates for the text.

The draft would authorise 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 Nov 7, said diplomats. A council resolution needs at least nine votes in favor and no vetoes by Russia, China, France, Britain or the US 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 Nov 9. REUTERS