US President Donald Trump pitched a development plan and a special economic zone to rebuild the enclave's shattered economy as part of his broader strategy to put an immediate end to the war in Gaza.
The outline to end the war would include a "Trump economic development plan to rebuild and energise Gaza". The White House said this plan would be assisted by a panel of experts who helped to create "some of the thriving modern miracle cities in the Middle East".
"Many thoughtful investment proposals and exciting development ideas have been crafted by well-meaning international groups, and will be considered to synthesise the security and governance frameworks to attract and facilitate these investments that will create jobs, opportunity and hope for future Gaza."
The plan would also establish a special economic zone that would give Gaza preferred tariff and access rates that it can negotiate with other countries.
Gaza's economy has been destroyed by the war, which will soon enter its third year.
A World Bank report last week found that it had fallen an additional 12 per cent in the first quarter this year after contracting by 83 per cent in 2024. Meanwhile, the war has led to the near-total destruction of Gaza's energy sector, its infrastructure and social services, the report said. Estimates to rebuild the Gaza Strip range from $50 billion to $80 billion.
The report also said the West Bank's economy grew 10 per cent year on year in the first quarter of 2025, although it does not represent a durable growth trend but rather a low base as economy activity was severely depressed last year because of the war.
Mr Trump unveiled the plan during Israeli Prime Minister Benjamin Netanyahu's visit to the White House on Monday.
Mr Trump would also chair a Board of Peace, which he said would work with the World Bank and others, and would be responsible for recruiting and training a new government of Palestinians and global experts.
The World Bank did not immediately return The National's request for comment.
Other points in the peace plan include an end to military operations, release of Israeli hostages by Hamas, immediate delivery of aid to Gaza and the dismantling of Hamas's military capabilities.
Mr Trump said the 20-point plan is the "closest we’ve ever come to real peace", adding that Mr Netanyahu had agreed to the proposed outline.
He told reporters that the Israeli leader would have full US backing to "do what he has to do" if Hamas does not agree to the plan.
