Trump Peace Council Fund is empty - media
Kyiv • UNN
The official fund of the Trump Peace Council is empty. Donors are transferring funds to JPMorgan accounts, bypassing the World Bank without proper financial oversight.
The official fund of Donald Trump's Peace Council is empty, and the organization is stuck in legal and political uncertainty, which has stalled Gaza reconstruction projects, UNN reports, citing the Financial Times.
Details
The U.S. President called the council, which demanded contributions of $1 billion for "lifetime membership" from world leaders, one of the "most important" international organizations ever created. Member states pledged $7 billion for the council's Gaza "aid package," and Trump promised an additional $10 billion in U.S. funding.
But four months after its creation, the council's financial fund, established by the World Bank, has received no money from donors, according to four people familiar with the matter. "Not a single dollar has been contributed," one said.
Instead of using the World Bank-managed and UN-endorsed fund, the council received donations directly through its JPMorgan account, a council spokesperson and another person familiar with the arrangements said.
While the World Bank must report on the financial status of the Gaza fund to contributors and council members, there are no independent transparency requirements for the JPMorgan account.
A Peace Council official told the Financial Times that "a number of funding options were established," including the World Bank mechanism, and that "at this time, donors have chosen to use other options."
The Peace Council will "report on its financial performance" to its own executive board, which consists of Trump administration officials and other advisors, "at an appropriate time," the official added.
Contributions of about $3 million from Morocco and $20 million from the United Arab Emirates helped fund the office of Nickolay Mladenov, the "high representative" in post-war Gaza, and the salaries of the Palestinian Technocratic Committee, which the council established to govern the sector.
The UAE also recently provided $100 million to train a new police force for Gaza, but the program has not yet begun, and the funds are frozen, according to two sources familiar with the matter.
Additionally
The publication notes that the U.S. State Department intends to reallocate about $1.2 billion in aid funds to projects related to the council's agenda. But these funds, which will not go directly to the council, have also not yet been spent.
A senior congressional aide said: "None of that money (has gone to the council). The Peace Council does not manage any of that money. And the State Department is telling us there is no intention for the Peace Council to manage any of that money."
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The State Department wants to provide about $50 million directly to the council to fund operations, but these funds have also not yet been distributed. According to a congressional aide, officials assured Congress that the council would not be allowed to use these funds until financial controls and other systems necessary to receive U.S. funds are in place.
The State Department said it "supports the President's vision" for the council and "continues to evaluate how existing authorities, programs, and interagency coordination can best support these goals."
Although the council has begun tendering for security and reconstruction work in Gaza, a council spokesperson said no contracts have been awarded yet. "In large part, this is because we are not yet operating in Gaza" as Hamas has not yet disarmed, the spokesperson said.
Context
Trump launched the council with characteristic pomp in January, leading some European capitals to fear its goal was to compete with the UN. Its first major mission was to oversee the reconstruction of Gaza after two years of devastating war.
His son-in-law and advisor Jared Kushner later proposed glossy AI-based models of a futuristic Gaza, featuring gleaming towers and luxury amenities. A recent EU, UN, and World Bank assessment estimated that more than $70 billion would be needed for Gaza's reconstruction over the next decade.
U.S. lawmakers have demanded additional information from the Trump administration about the council, its activities, and its legal status. Some have questioned whether it meets the legal threshold to qualify in the U.S. as an international organization eligible to receive U.S. funds, but have not yet received detailed answers from the State Department.