Global financial officials confirm their readiness to rebuild Gaza at an initial estimated cost of $70 billion
High-level financial officials from around the world confirmed their commitment to supporting the reconstruction efforts in the Gaza Strip during their meetings on the sidelines of the International Monetary Fund and World Bank's autumn meetings in Washington. This comes as international institutions are preparing a new estimate for the reconstruction costs, which may reach $70 billion.
During the ministerial-level Development Committee meeting, stemming from the World Bank and the International Monetary Fund, attendees discussed urgent challenges. Ms. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization, stated that the committee addressed the issue of Gaza's reconstruction and its implementation mechanisms.
She commented on the developments in the situation, saying: "We greatly appreciate the ceasefire, the cessation of killings, the return of hostages to their homes, and the provision of food to the Palestinians... We hope this will lead to the next phase peacefully."
She also added: "We want to provide assistance. Therefore, we hope this will serve as a way forward and a return to normalcy... It will take a long time for people to return to their normal lives."
Despite the ceasefire, which was mediated by the United States, logistical obstacles and the ground reality remain a tremendous challenge. United Nations officials pointed out the difficulty of getting aid convoys to northern Gaza, which is suffering from famine due to the destruction of roads and the closure of main crossings.
For his part, Haoliang Xu, the Acting Administrator of the United Nations Development Programme, confirmed that the current conditions do not yet allow for the actual reconstruction operations to begin. He mentioned planning to hold an international conference for this purpose, without specifying a date yet.
Regarding the extent of the destruction, Xu asked: "The problem is where do we start?" pointing to new United Nations estimates indicating that more than "61 million tons of debris need to be removed from the area."
He added: "We can do this, but the conditions must be favorable. Hostages and bodies must be released." He also warned of the approaching winter, emphasizing that providing shelter is an "urgent necessity."
It is noteworthy that estimates from last February issued by the World Bank, the United Nations, and the European Union indicated that the reconstruction cost exceeds $50 billion, but the new estimates being prepared suggest it has risen to around $70 billion.
This comes amid the ongoing humanitarian crisis, as the World Food Programme reported that the average food aid entering Gaza currently amounts to 560 tons per day, which does not meet the basic needs of the population.
The issue is witnessing developments against the backdrop of the attack launched by Hamas in October 2023, which, according to Israeli statistics, resulted in the deaths of 1,200 people and the capture of more than 250. In response, Israel launched a military campaign on the Gaza Strip, which health officials in the sector say has resulted in the deaths of more than 67,000 people and has nearly completely destroyed the infrastructure.
