A Wednesday report claimed President Donald Trump’s Board of Peace for Gaza has yet to receive any official funding and remains bogged down by legal uncertainty and stalled reconstruction efforts months after its launch.

According to the Financial Times, the World Bank-managed fund created for the board remains empty despite international pledges totaling billions of dollars. Trump had promised an additional $10 billion in American support, while member nations pledged roughly $7 billion for Gaza relief and rebuilding efforts.

“Zero dollars have been deposited,” one source familiar with the matter told the Financial Times.

Instead of using the World Bank fund endorsed by the United Nations, the board has reportedly been operating through a private JPMorgan account receiving direct donations. Unlike the World Bank mechanism, the account reportedly lacks independent transparency requirements.

A Board of Peace official said “a number of options were established to receive funding,” adding that “at this point, contributors have opted to use other options.”

The official also said the organization would report financial details to its executive board — made up of Trump administration officials and advisers — “at a time deemed appropriate.”

According to the report, Morocco contributed approximately $20 million to help finance the office of Nickolay Mladenov, the board’s representative for postwar Gaza, along with salaries for a Palestinian technocratic committee intended to govern Gaza.

The United Arab Emirates reportedly allocated $100 million to help train a new Gaza police force, though the program has not started and the funds remain frozen.

Meanwhile, the State Department is reportedly seeking to redirect roughly $1.2 billion in aid toward projects tied to the board’s agenda, though none of the money has been distributed. A congressional aide told the Financial Times that no funds are currently under the board’s control.

The State Department is also seeking to provide another $50 million directly to the board for operational costs, though officials reportedly told Congress the funds would not be released until proper financial safeguards are established.

Lawmakers have increasingly questioned the board’s legal standing and whether it qualifies as an international organization eligible for US funding.

Democratic Senator Brian Schatz said Secretary of State Marco Rubio described the board as functioning similarly to a UN agency involved in Gaza reconstruction efforts.

Trump, however, described it differently, calling it “sort of a king’s court,” according to Schatz, who added: “So I just don’t know which one it is. It is not obvious to me at all.”

Additional legal concerns reportedly center on the board’s future authority inside Gaza. A UN Security Council resolution described the organization as a temporary administration until the Palestinian Authority returns to control of the territory.

“What happens when this expires?” one individual involved in postwar planning asked the Financial Times.

Companies considering reconstruction work in Gaza have also expressed concern over unresolved legal and security issues.

“Who is responsible for Gaza? What law is applicable in Gaza?” one potential contractor said.

The board has reportedly begun accepting bids for reconstruction and security projects, though no contracts have yet been awarded.

“A lot of it is because we’re not operating in Gaza yet” because Hamas has not disarmed, a spokesperson said.

The spokesperson added that there is currently no functioning authority inside Gaza capable of handling the flow of goods and services envisioned under the reconstruction plan.

“We’re not, like, hoarding money in a bank account and then awarding contracts for things that can’t be delivered,” the spokesperson said.

Trump unveiled the Board of Peace in January following a US-brokered ceasefire meant to end the war between Israel and Hamas. The plan called for Hamas disarmament, an Israeli withdrawal, and large-scale rebuilding in Gaza.

According to the report, none of those core objectives have yet been achieved.

A recent joint assessment by the European Union, United Nations, and World Bank estimated Gaza reconstruction costs could exceed $70 billion over the next decade.

Bishara Bahbah, a Palestinian-American businessman involved in negotiations with Hamas on behalf of the Trump administration, said the Palestinian committee created under the plan has not begun operating because it lacks resources.

“They know that if they go to Gaza, people are going to flood to them to ask for assistance, and they have no tools, no means,” Bahbah said. “It’s really dismal.”