Published by Global Banking & Finance Review®
Posted on October 14, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleCountries are ready to fund Gaza's $70 billion reconstruction after extensive war damage, with significant international support.
By Emma Farge
GENEVA (Reuters) -European and Arab nations, Canada and the U.S. appear willing to contribute to the estimated $70 billion needed to rebuild Gaza, a U.N. official said on Tuesday, adding that the two-year war there had produced rubble equal to 13 times the pyramids of Giza.
Jaco Cilliers, an official at the United Nations Development Programme, said Israel's war against Hamas had generated at least 55 million tons of rubble and that it could take decades for Gaza to fully recover.
"We've heard very positive news from a number of our partners, including European partners... Canada" regarding their willingness to help, he told a press conference, adding that there were also discussions with the United States.
Since a ceasefire deal came into effect in Gaza, large numbers of Palestinians have returned to the ruins of their homes in the coastal territory.
Huge swathes of Gaza have been reduced to a wasteland by Israeli bombardment over two years that killed some 68,000 people, according to Gaza health authorities.
A large part of the destruction is in Gaza City, scene of some of the fiercest fighting. About 83% of all building structures there have been damaged, according to the United Nations Satellite Centre (UNOSAT).
UNDP said it had already cleared some 81,000 tons of rubble from the Gaza Strip and was continuing to do so.
Israel launched its offensive after Hamas-led militants attacked the country on October 7, 2023, killing 1,200 people and taking 251 hostages, according to Israeli tallies.
Hamas freed the last living Israeli hostages from Gaza on Monday under the ceasefire deal and Israel sent home busloads of Palestinian detainees, as U.S. President Donald Trump declared the end of the two-year-long war.
(Reporting by Emma FargeEditing by Gareth Jones)
Reconstruction planning involves strategizing and organizing the rebuilding of an area after significant damage, such as from war or natural disasters, to restore infrastructure and support affected communities.
A financial community consists of individuals, organizations, and institutions that interact within the financial sector, sharing information, resources, and expertise to facilitate economic activities and investments.
An international financial institution is an organization that provides financial support and advice to countries for development projects, economic stability, and poverty reduction, such as the World Bank or International Monetary Fund.
Fund projects are initiatives that receive financial backing to achieve specific goals, often related to development, infrastructure, or social welfare, aimed at improving conditions in targeted areas.
Explore more articles in the Headlines category
