World Bank backs draft UN resolution

The World Bank backs language in a US-drafted United Nations Security Council (UNSC) 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.

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The 15-member UNSC 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 of economic recovery programmes.

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 authorization to undertake their efforts," World Bank President Ajay Banga wrote to US Ambassador to the UN Mike Waltz in a letter dated Saturday.