Trump’s Board of Peace fund empty, donations routed to JPMorgan account lacking ‘transparency requirements’

US President Donald Trump’s Board of Peace has “zero” cash in its official fund despite billions of dollars in pledges from member countries, the Financial Times reported on Wednesday.The board, created to support the reconstruction of Gaza, was established in January following the October ceasefire agreement aimed at ending two years of conflict in Gaza.Trump proposed the initiative to help rebuild the territory, where an EU-UN assessment published in April estimated that more than $71 billion will be needed over the next decade.According to FT, cited by AFP, the board’s official fund — administered by the World Bank and endorsed by the United Nations — has not received any donor money since its launch.“Zero dollars have been deposited,” one source told the newspaper.Instead, donations have reportedly been directed to a JPMorgan account, according to the board’s spokesperson. FT noted that the account has no “independent transparency requirements.”Trump had earlier said the United States would contribute $10 billion to the board, while Qatar, Saudi Arabia and the United Arab Emirates each pledged at least $1 billion. Under the board’s charter, member countries must contribute $1 billion to secure a permanent seat.The initiative drew attention after Trump extended invitations to countries outside traditional Middle East diplomacy circles, including Russian President Vladimir Putin.Several major European powers stayed away from the initiative. France and Britain both declined to join. The board is largely made up of long-time US allies in the Middle East, ideological allies of Trump, and smaller nations seeking closer ties with Washington.The board is also closely tied to Trump personally, with its charter giving him final authority and allowing him to remain in charge beyond his presidency.The funding shortfall has already affected plans for the National Committee for the Administration of Gaza (NCAG), a US-backed body of Palestinian technocrats intended to take over administration of Gaza from Hamas.Reuters reported in April, citing a Palestinian official familiar with the matter, that the board informed Hamas and other Palestinian factions that the NCAG could not enter Gaza because of a lack of funds.Sources said both funding shortages and security concerns have delayed the committee’s deployment. Despite the October ceasefire, violence has continued in Gaza, with Israeli strikes reportedly killing at least 700 people since then, according to local health officials.The war began after Hamas’ October 7, 2023 attacks on Israel, which killed around 1,200 people. Israel’s military campaign in Gaza has since killed more than 72,000 Palestinians, according to local health authorities, and displaced much of the population.