Washington: The Gaza Reconstruction and Development Fund is ready for donations, World Bank President Ajay Banga announced. Banga made this statement during the inaugural Board of Peace meeting held in Washington, emphasizing the fund’s role in securing donor contributions while the board manages disbursements for essential reconstruction and development projects in the Gaza Strip.

According to Anadolu Agency, Banga assured donors of the presence of stringent financial, legal, and oversight mechanisms to ensure complete transparency in the allocation and use of the funds. A financial controller from the World Bank has been seconded to the Board of Peace to integrate top-notch financial practices into the rebuilding process.

Banga further highlighted the World Bank Group’s intention to utilize its triple-A credit rating to attract private bond investments, thereby enhancing public finance initiatives for the region. “Because of our triple-A rating, we have the ability to leverage private bond money to help to create the resources we need,” he stated, underscoring the institution’s ability to mitigate risks associated with private investments to support comprehensive rebuilding efforts.

He also emphasized the World Bank’s commitment to deploying its extensive on-the-ground expertise and practical knowledge gained from operating in complex markets globally. Banga stressed that the World Bank aims to be an active participant in providing Gazans with the opportunities and lives they deserve, rather than merely critiquing from afar.