Global Finance Leaders Eye Gaza’s $70b Reconstruction Plan

Heavy machinery operates at a site where searches are underway for the bodies of hostages killed after being seized by Hamas during the October 7, 2023 attack, amid a ceasefire between Israel and Hamas, in Khan Younis, southern Gaza Strip, October 17, 2025

Global finance leaders have pledged support for rebuilding war-ravaged Gaza, as the World Bank and the United Nations move to finalise a revised reconstruction estimate of about $70 billion.

The issue dominated discussions at a meeting of the ministerial-level Development Committee, which advises the World Bank and the International Monetary Fund (IMF), held on Thursday. Officials acknowledged that despite a ceasefire, the path to Gaza’s recovery remains fraught with logistical, financial, and political challenges.

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, said participants expressed cautious optimism following the ceasefire between Israel and Hamas.

“We’re all very appreciative that the killing has stopped and that hostages have been brought home,” she said. “Now we must focus on rebuilding lives and infrastructure — a process that will take time and global cooperation.”

A U.S.-brokered truce has paused two years of intense conflict, but humanitarian agencies say relief efforts continue to face severe obstacles. The United Nations reports that war-damaged roads, destroyed bridges, and the closure of major crossings have limited the flow of aid into Gaza’s northern areas, where famine conditions persist.

The World Food Programme (WFP) said an average of 560 metric tons of food has been entering Gaza daily since the ceasefire — far short of what is required to meet the population’s needs.

World Bank officials at the meeting reaffirmed their readiness to work closely with regional actors, donor countries, and development agencies to support Gaza’s recovery once basic conditions for reconstruction are established.

Haoliang Xu, acting administrator of the UN Development Programme (UNDP), noted that while plans for an international reconstruction conference are underway, the situation on the ground remains unstable.

“The question is where to start,” Xu said, highlighting that more than 61 million tonnes of debris need to be cleared before rebuilding can begin. “We have the capacity to help, but conditions must be right — hostages released, bodies recovered, and security ensured. Shelter remains an urgent concern, especially with winter approaching.”

Earlier this year, the World Bank, United Nations, and European Union jointly estimated Gaza’s reconstruction costs at over $50 billion. The updated projection of $70 billion reflects the escalating scale of destruction across the enclave.

Israel launched its military campaign in Gaza following the October 7, 2023, Hamas-led attack that killed about 1,200 people and saw more than 250 taken hostage. Since then, more than 67,000 Palestinians have been killed, according to Gaza health officials, and large parts of the territory lie in ruins.

As discussions progress, global financial leaders emphasise that Gaza’s recovery will require sustained international coordination, long-term funding commitments, and a stable political environment to ensure peace and development in the region.