Gaza Reconstruction Requires Over $50 bln: World Bank Joint Assessment

The Gaza and West Bank Interim Rapid Damage and Needs Assessment (IRDNA) estimated that Israeli strikes on the strip caused $49 billion in damage from Oct. 8, 2023 to Oct. 8, 2024.

Some $53.2 billion will be needed over the next decade for recovery and reconstruction, with around $20 billion required in the first three years, the report said.

Issued amid a fragile ceasefire that began last month, the assessment warned that large-scale rebuilding efforts could not yet begin due to uncertainties over governance and security arrangements in the enclave.

"The speed, scale and scope of recovery will depend on these conditions," the report stated.

According to the IRDNA, over 292,000 homes were damaged or destroyed, 95 percent of hospitals were non-functional and the local economy had shrunk by 83 percent.

More than half of the total reconstruction cost — around $29.9 billion — would be needed to repair buildings and infrastructure, including $15.2 billion for housing alone.

“The loss of life, widespread destruction and the speed of damage to infrastructure have reached levels that rank among the worst in both the Middle East and North Africa region’s history,” the assessment said.

“The consequences of this are expected to exert a prolonged and substantial burden on economic activities for several years ahead.”

The figures come as Arab countries continue to scramble to find a viable recovery plan as an alternative to the mass displacement of the Palestinian enclave’s 2 million residents proposed by United States President Donald Trump.

He has pressured both Jordan and Egypt to take in those who are forced out of Gaza.

Egypt's President Abdel Fattah al-Sisi is expected to travel to Riyadh on Feb. 20, two Egyptian security sources said, where he is due to discuss the Arab plan for Gaza that may include up to $20 billion from the region for reconstruction.

However, Israeli Prime Minister Benjamin Netanyahu has expressed strong support for Trump’s proposal, and his government formed a special directorate for the “voluntary departure” of Palestinians from the coastal enclave.

United Arab Emirates President Mohammed bin Zayed Al Nahyan yesterday told visiting U.S. Secretary of State Marco Rubio that Abu Dhabi rejected any displacement of Palestinians.

Meanwhile, Hamas and Israel announced a deal for the release of six living hostages from Gaza and the return of four captives' bodies, including the remains of two young boys seen as national symbols back home.

An Israeli official said that Netanyahu has appointed a close political ally to lead talks over phase two of the current ceasefire in Gaza, replacing Israel’s previous chief negotiator.

The U.S.-born Ron Dermer is a cabinet minister who's widely seen as Netanyahu’s closest adviser. He previously served as Israel’s ambassador to the U.S. and is a former Republican activist with strong ties to the Trump White House.

Source: HDN