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US President Donald Trump attends the Board of Peace session held as part of the 56th World Economic Forum (WEF) in Davos, Switzerland on January 22, 2026. [Harun Özalp – Anadolu Agency]

Donald Trump’s self-styled Board of Peace for Gaza is facing a deepening crisis after its official reconstruction fund failed to receive any donor money, despite $17 billion in pledged support, raising fresh questions over whether the US-backed body is little more than a hollow political project.

According to the Financial Times, the World Bank-administered fund established for the board has received no donor contributions four months after its creation. One person familiar with the matter said: “Zero dollars have been deposited.” The failure comes despite member states pledging $7 billion for a Gaza “relief package”, while Trump promised a further $10 billion in US funding.

Gaza vanishing: Trump’s Board of Peace

Instead of using the World Bank mechanism, which is endorsed by the UN and subject to reporting requirements, donations have reportedly been directed through a JPMorgan account. The arrangement has raised serious concerns, as no independent disclosure rules appear to apply to the private account.

A Board of Peace official told the Financial Times that “a number of options were established to receive funding” and that contributors had chosen “other options”. The official added that the board would report its finances to its own executive board, made up of Trump administration officials and advisers, “at a time deemed appropriate”.

The limited funds that have been provided appear to have done little to address Gaza’s devastation. Morocco’s $20 million contribution has reportedly helped fund the office of Nickolay Mladenov, the board’s “high representative” for post-war Gaza, and salaries for the Palestinian technocratic committee formed to govern the Strip. A separate $100 million UAE contribution intended to train a new Gaza police force has not been used, with the programme yet to begin and the funds frozen.

Nor has promised US funding materialised on the ground. The US State Department intends to redirect around $1.2 billion in aid spending towards projects linked to the board’s agenda, but the money has not yet been spent and would not be managed directly by the board.

Read: Trump’s Gaza ‘peace’ board in turmoil as funding pledges fail to materialise

A senior congressional aide said none of the money had gone to the board and that “there’s no intent” for it to be managed by the body. A further $50 million intended to fund board operations has also not been distributed, pending financial controls and systems required to receive US funds.

Revelations in the FT is likely to be seen as further evidence of a bankrupt Trump policy. The president had presented the board as one of the “most consequential” international organisations ever created, while his son-in-law, Jared Kushner, promoted glossy visions of a futuristic, AI-powered Gaza with luxury developments. Yet an EU, UN and World Bank survey estimated that Gaza’s reconstruction will require more than $70 billion over the next decade.

The board has also failed to move beyond planning. Although it has begun tendering for security and reconstruction work, no contracts have been awarded.

The legal basis of the board remains equally unclear. US lawmakers have pressed the Trump administration for answers about its status and operations, including whether it qualifies as an international organisation eligible to receive US funds.

The uncertainty has also alarmed would-be contractors. One would be contractor reported in the FT asked: “Who is responsible for Gaza? What law is applicable in Gaza?” Others involved in planning questioned what happens when the board’s supposed role as a “transitional administration” expires.

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Trump’s Gaza ‘Board of Peace’ in collapse as fund receives ‘zero dollars’ from donors