The World Bank-administered fund created for President Donald Trump’s Board of Peace has not received any money, despite public pledges totaling $17 billion from the United States and other countries, the Financial Times reported Wednesday, citing four people familiar with the matter.

The report marks a major setback for Trump’s high-profile plan to oversee Gaza’s postwar administration and reconstruction. The Board of Peace was launched as the central vehicle for coordinating international funding, governance and rebuilding efforts in Gaza, but the official fund established through the World Bank remains empty, according to the Financial Times.

Trump announced the $17 billion pledge package at the board’s inaugural meeting in February, saying $10 billion would come from the United States and another $7 billion from Middle Eastern countries and other international donors. The money was billed as a major first step toward emergency relief and reconstruction in Gaza.

But more than three months later, no donor money has reached the official World Bank account, the Financial Times reported. The organization is now stuck in limbo, with no major reconstruction projects underway and no contracts awarded, according to the report.

The stalled funding comes as Gaza’s reconstruction needs are expected to dwarf the current pledges. The Carnegie Endowment noted in March that while the board had received $17 billion in pledges, the United Nations and World Bank estimated that Gaza’s relief, recovery and reconstruction needs would total roughly $70 billion.

The Financial Times report said some money has moved through other channels, including a separate JPMorgan account, but not through the official World Bank-administered fund. The arrangement has raised concerns about transparency, oversight and the board’s legal standing, according to the report.

The funding problems had surfaced earlier. Reuters reported in April that the Board of Peace had received only a tiny fraction of the $17 billion pledged, with one source saying that only three of 10 countries that pledged funds — the United Arab Emirates, Morocco and the United States — had contributed anything at that point. That source said the total funding received then was under $1 billion.

According to the Financial Times, the only limited support so far has included small contributions from Morocco and the United Arab Emirates for administrative functions, while a larger UAE pledge tied to a Gaza police force remains frozen. The report said no U.S. funding has reached Gaza reconstruction through the board.

The board’s difficulties are not limited to money. The initiative has also been slowed by unresolved political and security questions, including Hamas’s refusal to disarm, Israel’s continued military presence in large parts of Gaza, and uncertainty over who would ultimately govern the territory. Reuters reported last week that the board’s envoy, Nickolay Mladenov, warned the U.N. Security Council that Gaza’s current division could become permanent if the ceasefire and reconstruction process fail to advance.

The Board of Peace itself acknowledged a funding gap last week, urging countries that had pledged money to speed up their disbursements and calling on other countries and organizations to contribute to Gaza’s reconstruction. The statement did not specify how much money the board had received or how large the shortfall was.

The empty World Bank fund raises new questions about whether Trump’s Gaza reconstruction plan can move beyond public pledges and diplomatic announcements. Without actual deposits, the board has little ability to begin large-scale rebuilding, support a postwar governing structure or demonstrate that international donors are prepared to back the plan financially.

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