U.S. President Donald Trump’s Board of Peace has no cash in its official Gaza reconstruction fund, despite member countries pledging billions of dollars, a source familiar with the board told AFP on Wednesday.

Mr. Trump first conceived of the board to rebuild Gaza, where Israel and Hamas agreed to a U.S.-backed ceasefire in October in a bid to halt two years of devastating war.

But he quickly raised eyebrows by sending out wide invitations, including to Russian President Vladimir Putin and to countries far removed from traditional West Asia diplomacy.

Since the board was set up, its fund — administered by the World Bank and endorsed by the United Nations — has received no money from donors, the source familiar with the Board of Peace told AFP.

The source said money had not been deposited because the fund was designed for the reconstruction and development phase, which has not yet been reached.

Israeli military operations in Gaza have continued despite the ceasefire, with at least 910 people killed since then, according to the territory’s Health Ministry.

Israel still retains control over 60 percent of the Gaza Strip, including all entry and exit points, while the population is concentrated on the coast.

Earlier on Wednesday, the Financial Times reported that the board had received donations directly into a JPMorgan account, citing the board’s spokesperson.

There are no “independent transparency requirements” in place for the JPMorgan account, the FT noted.

Major European nations have shunned the board, which is heavy on longstanding U.S. partners in West Asia, ideological allies of Mr. Trump and smaller countries eager for Trump’s attention.

France and Britain refused to join.

The board is unambiguously led not just by the United States but personally by Mr. Trump, who holds the final say and can remain in charge past his presidency.

Mr. Trump previously said that the United States would contribute $10 billion to the board, while Qatar, Saudi Arabia and the United Arab Emirates each promised at least $1 billion.

Members of the board are required pay $1 billion for a permanent spot, according to its charter.

An EU-UN assessment published in April estimated that more than $71 billion will be needed over the next decade for the reconstruction of war-ravaged Gaza, where the UN says the humanitarian situation is “critical.”

President Donald Trump announced on Thursday (February 19, 2026) at the inaugural Board of Peace meeting that nine members of the body have agreed to pledge $7 billion toward a Gaza relief package.

Kazakhstan, Azerbaijan, UAE, Morocco, Bahrain, Qatar, Saudi Arabia, Uzbekistan and Kuwait are the countries that are making pledges, Mr. Trump added.

“But every dollar spent is an investment in stability and the hope of new and harmonious (region),” said Mr. Trump, thanking the donors.

The amount, while significant, represents a fraction of the estimated $70 billion needed to rebuild the Palestinian territory decimated after two years of war.

Mr. Trump also announced the U.S. was pledging $10 billion for the Board of Peace but didn’t specify what the money will be used for.

“The Board of Peace is showing how a better future can be built, starting right here in this room,” Mr. Trump said.

Prime Minister Benjamin Netanyahu of Israel said Wednesday (January 21, 2026) he had agreed to join U.S. President Donald Trump’s Board of Peace, after his office earlier criticized makeup of the board’s executive committee. The committee included Turkey, a regional rival.

A statement from Netanyahu’s office said he had accepted Mr. Trump’s invitation. The Board of Peace led by Mr. Trump was originally envisioned as a small group of world leaders overseeing the Gaza ceasefire plan. The Trump administration’s ambitions have ballooned into a more sprawling concept, with Mr. Trump extending invitations to dozens of nations and hinting it will soon broker global conflicts, like a pseudo-U.N. Security Council.

More details were expected when Mr. Trump participates in an announcement about the Board of Peace on Thursday (January 21, 2026) at the World Economic Forum meeting in Davos, Switzerland.

The board’s charter has not yet been made public, but a draft version obtained by The Associated Press indicates much of the power will be concentrated in the hands of Mr. Trump himself. A $1 billion contribution secures permanent membership, the draft said.

So far, at least eight countries — Israel, the United Arab Emirates, Morocco, Vietnam, Kazakhstan, Hungary, Argentina and Belarus have agreed to take part.

Invitation letters from Mr. Trump also have been sent to Paraguay’s leader Santiago Peña, Canadian Prime Minister Mark Carney, Egyptian President Abdel-Fattah el-Sissi and Turkish President Recep Tayyip Erdogan. Plus, Russia, Israel, India, Slovenia, Thailand and the European Union’s executive arm have said they received invitations.

The Kremlin is now “studying the details” and will seek clarity of “all the nuances” in contacts with the U.S., Kremlin spokesman Dmitry Peskov said. Mr. Trump confirmed on Monday (January 19, 2026) night that Russian President Vladimir Putin had been invited.

It was not immediately clear how many or which other leaders would receive invitations.

The executive board’s members include U.S. Secretary of State Marco Rubio, Trump envoy Steve Witkoff, Trump’s son-in-law Jared Kushner, former British Prime Minister Tony Blair, Apollo Global Management CEO Marc Rowan, World Bank President Ajay Banga, and Trump’s deputy national security adviser Robert Gabriel.

The White House also announced the members of another board, the Gaza Executive Board, which, according to the ceasefire, will be in charge of implementing the tough second phase of the agreement. That includes deploying an international security force, disarming Hamas and rebuilding the war-devastated territory.

Nickolay Mladenov, a former Bulgarian politician and U.N. Mideast envoy, is to serve as the Gaza executive board’s representative overseeing day-to-day matters. Additional members include: Witkoff, Kushner, Blair, Rowan, Turkish Foreign Minister Hakan Fidan; Qatari diplomat Ali Al-Thawadi; Hassan Rashad, director of Egypt’s General Intelligence Agency; Emirati minister Reem Al-Hashimy; Israeli businessman Yakir Gabay; and Sigrid Kaag, the Netherlands’ former deputy Prime Minister and a Mideast expert.

The board also will supervise a newly appointed committee of Palestinian technocrats who will be running Gaza’s day-to-day affairs.