The World Bank could start Gaza reconstruction projects within weeks

The reconstruction of Gaza could potentially begin within a few weeks. The World Bank wants to launch projects to restore basic services soon, now that a ceasefire has been reached between Israel and Hamas. The Netherlands is co-hosting a Gaza reconstruction summit in Egypt.

Speaking to ANP, World Bank board member Eugene Rhuggenaath said that a reconstruction plan is already being developed. However, it still needs to be determined whether the situation is truly safe, and a formal decision within the bank is still needed. More funding is also urgently needed.

The former Prime Minister of Curaçao represents several countries on the board of the world’s largest development cooperation organization, including Israel, Ukraine, and the Netherlands. “We have been waiting for this moment,” he said, referring to the signing of the peace plan, which was brokered under pressure from the United States. He hopes the agreement will hold and that fighting will not break out again.

According to Rhuggenaath, World Bank staff in Jerusalem had already been exploring how they could help Gaza. Initially, this will involve restoring basic services, infrastructure, and housing for the population. In the next phase, more structural improvements will be explored, such as water management and job creation. The question remains with whom the World Bank can collaborate in this regard. Normally, the bank works with the local government in these situations. But if no government is available, other aid organizations will likely have to step in.

The World Bank has a fund to finance the aid, but according to Rhuggenaath, it’s already clear that significantly more resources are needed. The bank, along with the European Union and the UN, previously estimated that over $50 billion is needed for the reconstruction of Gaza. The fund currently contains hundreds of millions at most. Rhuggenaath called on other countries and businesses to contribute. He believes that contributing through the World Bank is wise because the bank also monitors whether all the money is spent properly.

In recent years, the World Bank has also been able to assist Ukraine, where the bank has so far mobilized $81 billion. But according to Rhuggenaath, more funding is also needed to support Ukraine. The war there is still ongoing, and winter is coming. It will then be crucial that sufficient energy is available everywhere to heat homes.