The first meeting of Trump’s new "Board of Peace" took place on Thursday, bringing together some two dozen allies from across the world in Washington.
US President Donald Trump pledged $10 billion for his new "Board of Peace" as he hosted the first meeting of the amorphous new institution, which was first focused on revuilding Gaza but has since expanded its scope.
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Trump, who has in recent weeks repeatedly threatened war with Iran, did not specify what the money would be used for.
The US president also announced that nine other members of the body pledged an additional $7 billion towards a Gaza relief package. The donors include Kazakhstan, Azerbaijan, UAE, Morocco, Bahrain, Qatar, Saudi Arabia, Uzbekistan and Kuwait.
“Every dollar spent is an investment in stability and the hope of new and harmonious (region),” Trump said during Thursday's inaugural meeting of the "Board of Peace".
Although the pledged donations represent a substantial sum, they remain a far cry from the estimated $70 billion needed to rebuild the Palestinian territory, which was reduced to rubble after more than two years of Israel’s offensive in Gaza.
Trump launched the initiative after the US, together with Qatar and Egypt, brokered a ceasefire between Israel and Hamas in October.
The initiative has drawn widespread criticism for its vague nature, including on how it would operate alongside, or potentially seek to compete with, existing institutions such as the United Nations.
The US leader pushed back against the criticism: "I think it (the United Nations) is going to be much stronger, and the Board of Peace is going to almost be looking over the United Nations and making sure it runs properly".
Trump would hold a veto power over most of the Board's decisions, a level of centralised control that is unprecedented in international institutions, and can remain head of the initiative even after leaving office. Other countries, meanwhile, would have to pay $1 billion if they want to stay on permanently.
'Board of Peace' launched amid Trump warnings towards Iran
The inaugural meeting of the "Board of Peace" came as Trump issued fresh threats towards Iran. Also on Thursday, multiple US media reports said US officials estimate the military will be ready to strike Iran within days, as Trump weighs out his next move.
Any US military operation would likely be a massive, weeks-long campaign conducted jointly with Israel, sources told US media outlets, and the Trump administration was "closer than most Americans realise" to a major war in the Middle East.
Meanwhile, the "Board of Peace" meeting also focused on the launch of an international stabilisation force, which would be tasked with overseeing borders, maintaining security and demilitarising Gaza.
Indonesia, Morocco, Kazakhstan, Kosovo and Albania have pledged to send troops as part of the force, while Egypt and Jordan have commited to train police, according to its commander Maj. Gen. Jasper Jeffers.
Most countries sent high-level officials to the Board's meeting, but a few world leaders including Indonesian President Prabowo Subianto, Argentinian President Javier Milei, and Hungarian President Viktor Orbán, attended the inauguration in Washington themselves. FIFA President Gianni Infantino was also in attendance.
EU Commissioner for the Mediterranean Dubravka Šuica was in Washington as an observer, which drew the ire of many in Europe who warned that her presence risked being interpreted as a collective endorsement of the controversial body.
France led calls for the European Commission to explain Šuica's presence, with Belgium, Spain, Ireland, Slovenia, Sweden and Portugal also raising objections.