Nicolai Haugsted
The account that was supposed to help foreign nations such as Gaza, has turned into a dry well.
Four months ago, Donald Trump unveiled what he described as one of the most important international initiatives ever created.
Governments were invited to join his newly established Peace Council, with permanent membership reportedly reserved for countries willing to contribute at least $1 billion.
Money was supposed to help fund reconstruction and humanitarian efforts in Gaza.
Now, according to new reporting, much of that financial machinery appears to be stuck in neutral.
The Fund With No Funds
Trump pledged that the United States would contribute $10 billion to the effort.
Several other countries reportedly promised billions more.
Original plan called for donations to be channelled through a World Bank-administered fund approved by the United Nations, providing oversight and transparency for the project.
Problem, according to sources familiar with the matter cited by the Financial Times, is that the fund remains empty.
Months after its creation, money has yet to flow through the mechanism that was intended to manage the initiative.
Money Taking a Different Route
Rather than using the World Bank structure, contributions have reportedly been directed to a separate account held at JPMorgan in the United States.
Difference is significant.
World Bank funds typically operate under extensive reporting requirements and oversight rules. Financial Times reports that no equivalent transparency obligations apply to the account currently being used by Trump’s Peace Council.
Development has raised questions about where pledged money is going and how it is being managed.
Millions Already Spent
Morocco is reported to have contributed roughly $20 million.
According to the Financial Times, those funds have been used to finance the office of the administrator appointed by Trump to oversee the council’s activities in Gaza.
United Arab Emirates recently added another $100 million.
Money was reportedly earmarked for the creation of a new police force in Gaza.
That project has yet to begin.
Reports indicate the funds remain frozen and unavailable for use.
Big Promises Meet Administrative Reality
Peace Council was launched with ambitious goals and headline-grabbing figures attached to it.
Supporters portrayed it as a fast-moving alternative capable of accelerating aid and reconstruction efforts.
Four months later, billions of dollars in promised support remain largely absent from the structure originally designed to receive them.
For critics, situation raises uncomfortable questions about accountability.
For donors, attention is increasingly turning toward whether the money promised for Gaza will ultimately reach the projects it was intended to support.
