World Bank, in letter to US, backs draft UN resolution on Gaza

The World Bank backs language in a US-drafted United Nations Security Council resolution on Gaza that would authorise a two-year mandate for a transitional governance body, according to a letter to the United States seen by Reuters.

The 15-member UN Security Council began negotiations on Thursday on the text that would mandate a so-called Board of Peace transitional governance administration, giving it the authority to establish operational entities to address issues, including the reconstruction of Gaza and economic recovery programs.

The World Bank, the UN and the European Union had estimated in February it would cost more than $50 billion to rebuild Gaza, and are finalising a new interim estimate of $70 billion.

"Our engagement in Gaza will require the ability to work with international partners who enjoy the full support of the international community and full authorisation to undertake their efforts," World Bank President Ajay Banga wrote to US Ambassador to the UN Mike Waltz.

"The proposal to establish an authority, in the current draft the Board of Peace, by the UN Security Council with the authorisations set out in the resolution would provide the needed framework for engagement by the Bank," he said in the letter dated Saturday.