ISTANBUL

The Gaza Reconstruction and Development Fund is ready for donations, World Bank President Ajay Banga said Thursday.

Banga said at the first Board of Peace meeting in Washington that the fund secures donor money while the board directs disbursements for crucial reconstruction and development projects in the Gaza Strip.

He assured donors that robust financial, legal and oversight mechanisms remain in place to guarantee absolute transparency about how the money is utilized.

A financial controller from the World Bank is currently seconded to the Board of Peace to help integrate the highest financial standards into the rebuilding process.

"We are helping along with the Board of Peace, which takes the ownership of ensuring that the right kind of financial, legal and oversight mechanisms are being put in place," he said.

The World Bank Group plans to leverage its triple-A rating to attract private bond money to bolster public finance initiatives for the region.

"Because of our triple-A rating, we have the ability to leverage private bond money to help to create the resources we need," he said.

Banga highlighted the global institution's capacity to effectively de-risk private investing to support the extensive rebuilding operations.

He emphasized that the World Bank brings vital on-the-ground expertise and practical knowledge gathered from operating in challenging markets worldwide.

The World Bank president stated that the institution refuses to be an armchair critic, aiming instead to be an active participant in providing Gazans the opportunities and lives they deserve.