WASHINGTON — President Trump announced on Monday that $5 billion in pledges have been secured for the reconstruction of the Gaza Strip. These funds are earmarked for projects that will gain approval from his Board of Peace, set to convene later this week near the White House.

This significant fundraising achievement precedes a summit scheduled for Thursday and serves as an initial installment towards the estimated $70 billion needed to restore the Palestinian territory, according to a collaborative report by the United Nations, European Union, and World Bank.

In a brief phone interview, Trump stated, “It’s going to go to making Gaza happen,” when questioned about the allocation of the funds.

The president further elaborated that the money would contribute to stabilizing Gaza and, ultimately, extend to other regions globally where peace initiatives can be implemented, reflecting his broad vision for the board he leads.

When asked if the funds would be used to construct housing for Gaza’s nearly 2 million residents, Trump responded, “We haven’t decided yet … that’ll be up to the board.”

Jared Kushner, Trump’s son-in-law, and a key figure in negotiating a cease-fire last October after two years of conflict between Israel and Hamas, shared ambitious proposals at the World Economic Forum in Davos, Switzerland, envisioning a revitalized Gaza City featuring skyscrapers akin to those in Dubai or Doha.

A slideshow prepared by Kushner and special envoy Steve Witkoff described a phased rebuilding of the coastal territory, beginning with the construction of homes in the southern portion of the region — with 100,000 homes ro be built in the city of Rafah within three years.

Hamas still controls much of Gaza’s heavily populated areas after carrying out the Oct. 7, 2023, attack across southern Israel, and Trump has repeatedly threatened military action by regional allies to finish off the terrorist group if it won’t disarm.

The Board of Peace received authorization by the United Nations in November to oversee Gaza’s reconstruction, including the installation of a “technocratic” Palestinian government and international peacekeeping force.

Trump wrote on Truth Social Sunday that the board will “announce that Member States have pledged more than $5 BILLION DOLLARS toward the Gaza Humanitarian and Reconstruction efforts.”

The meeting also will broadcast how members “have committed thousands of personnel to the International Stabilization Force and Local Police to maintain Security and Peace for Gazans.”

Indonesia, the world’s most populous Muslim-majority country, said Sunday that about 8,000 of its troops are preparing to deploy to Gaza between April and June of this year.