Palestinians gather on a heavily damaged street to perform morning prayers marking the start of Eid al-Adha, the Feast of Sacrifice, in Khan Yunis in the southern Gaza Strip on May 27, 2026. (Credit: Bashar Taleb / AFP)
U.S. President Donald Trump's Board of Peace has "zero" cash in its official fund, despite member countries pledging billions of dollars, the Financial Times (FT) reported on Wednesday.
Trump first conceived of the board to rebuild Gaza, where Israel and Hamas agreed to a U.S.-backed cease-fire in October in a bid to halt two years of devastating war.
But he quickly raised eyebrows by sending out wide invitations, including to Russian President Vladimir Putin and to countries far removed from traditional Middle East diplomacy.
Since the board was set up in January, its fund — administered by the World Bank and endorsed by the United Nations — has received no money from donors, the FT said, citing four unnamed sources familiar with the matter.
"Zero dollars have been deposited," one source said, according to the FT.
Instead, the board has received donations directly into a JPMorgan account, the British newspaper said, citing the board's spokesperson.
There are no "independent transparency requirements" in place for the JPMorgan account, the FT noted.
Major European nations have shunned the board, which is heavy on longstanding U.S. partners in the Middle East, ideological allies of Trump and smaller countries eager for Trump's attention.
France and Britain refused to join.
The board is unambiguously led not just by the United States but personally by Trump, who holds the final say and can remain in charge past his presidency.
Trump previously said that the United States would contribute $10 billion to the board, while Qatar, Saudi Arabia and the United Arab Emirates each promised at least $1 billion.
Members of the board are required pay $1 billion for a permanent spot, according to its charter.
An EU-U.N. assessment published in April estimated that more than $71 billion will be needed over the next decade for the reconstruction of war-ravaged Gaza.
Despite the October cease-fire, Gaza remains gripped by daily violence as Israeli strikes continue, with both the military and Hamas accusing one another of violating the truce.
