Updated: Jan 17, 2026

World Bank president Ajay Banga, a prominent Indian-American global finance leader, has been appointed to a newly constituted “Board of Peace” that will oversee the temporary governance and reconstruction of Gaza, according to an announcement by the White House on Friday. The move places Banga at the heart of a controversial and far-reaching US-led initiative aimed at stabilising the war-ravaged Palestinian territory following months of devastating conflict.

The appointment comes as part of a 20-point peace and reconstruction roadmap unveiled by US President Donald Trump, intended to chart Gaza’s political, administrative, and economic future after Israel’s military campaign that has reportedly killed around 70,000 people. The plan has already drawn intense international scrutiny and criticism from human rights groups, analysts, and sections of the global community, even as Washington projects it as a pragmatic pathway towards stability.

Ajay Banga’s Global Profile

At 63, Ajay Banga brings to the Board of Peace more than three decades of experience spanning corporate leadership, international finance, and public policy advisory roles. Born in India and of Punjabi origin, Banga studied economics at St Stephen’s College, Delhi University, before earning his MBA from the Indian Institute of Management, Ahmedabad. His rise from India’s elite academic institutions to the top tiers of global finance has often been cited as emblematic of the Indian diaspora’s influence in international institutions.

Before assuming office as president of the World Bank in 2023, Banga spent a decade as president and chief executive officer of Mastercard, where he was credited with expanding the company’s global footprint, pushing digital payments, and emphasising financial inclusion. He became a US citizen roughly two decades ago and has since been a familiar figure in Washington’s policy ecosystem.

Banga has also served in advisory roles under previous US administrations. During Barack Obama’s presidency, he was a member of the President’s Commission on Enhancing National Cybersecurity and served on the Advisory Committee for Trade Policy and Negotiations. His nomination to lead the World Bank by President Joe Biden was widely seen as an attempt to reposition the institution to better tackle climate change, debt distress, and development challenges in the Global South.

Now, under Trump’s leadership, Banga is being asked to apply his expertise in finance and institutional reform to one of the world’s most politically sensitive and conflict-ridden regions.

What Is the ‘Board of Peace’?

The Board of Peace is the central oversight body for Phase Two of Trump’s 20-point Gaza Peace Plan. Chaired by Trump himself, the board is designed to supervise a technocratic interim governance arrangement for Gaza, described by the White House as the National Committee for the Administration of Gaza (NCAG).

According to US officials, the NCAG will be responsible for the day-to-day administration of the territory, including restoring basic public services, rebuilding civil institutions, and coordinating humanitarian relief. The Board of Peace, in turn, will provide strategic oversight, ensure compliance with the broader roadmap, and coordinate international political, financial, and security support.

The White House has described the board’s mandate as “critical to Gaza’s stabilization”, encompassing governance capacity-building, reconstruction planning, regional diplomacy, and attracting large-scale investment. Within this framework, Banga’s role is expected to focus on capital mobilisation, institutional rebuilding, and aligning international financial flows with reconstruction priorities.

A High-Profile and Politically Charged Line-Up

Ajay Banga is not the only heavyweight on the board. The panel includes a mix of political leaders, diplomats, financiers, and security figures closely aligned with Trump’s worldview and foreign policy approach.

Among the political and diplomatic members are US Secretary of State Marco Rubio, Trump’s special envoy Steve Witkoff, and former British prime minister Tony Blair. Blair’s inclusion has been particularly controversial, given his role in the Iraq War and Britain’s historical legacy in the Middle East.

Trump’s inner circle is also well represented. His son-in-law Jared Kushner, who played a key role in Middle East policy during Trump’s earlier term, is on the board, as is Robert Gabriel, a senior adviser to the president.

From the financial world, billionaire private equity executive Marc Rowan, CEO of Apollo Global Management, joins Banga in shaping the economic and investment dimensions of the plan.

For on-ground coordination, Nickolay Mladenov, a former UN special coordinator for the Middle East peace process, has been named High Representative for Gaza. He will serve as the main link between the Board of Peace and the local administrative body in Gaza.

At the local level, the White House has appointed Dr Ali Sha’ath, a relatively little-known former Palestinian Authority bureaucrat, to head the NCAG. Sha’ath will report directly to the Trump-chaired board. The Palestinian Authority currently governs parts of the West Bank, while Hamas has controlled Gaza since 2007.

Trump has also invited Egyptian President Abdel Fattah El-Sisi to join the board, according to reports citing Egypt’s foreign ministry, highlighting Cairo’s potential role in regional security and mediation.

The Proposed Governance Structure for Gaza

Beyond the Board of Peace and the NCAG, the plan establishes an 11-member Gaza Executive Board to support the reconstruction and governance process. This body includes international and regional figures such as Turkish foreign minister Hakan Fidan, UAE minister Reem Al-Hashimy, and Qatari diplomat Ali Al Thawadi, reflecting an attempt to involve key regional stakeholders.

Security under the plan is to be provided by an International Stabilization Force (ISF), authorised by a UN Security Council resolution passed in mid-November. The ISF is led by US Army Major General Jasper Jeffers and is tasked with maintaining order during the transitional phase.

A Region Still on Edge

The appointments come amid continuing instability. Although a fragile ceasefire has been in place since October, violence has not fully abated. Reports indicate that even during the truce, more than 450 Palestinians—including over 100 children—and three Israeli soldiers have been killed.

The current war began in October 2023 after a Hamas-led attack killed around 1,200 people in Israel. Israel’s subsequent military campaign has devastated Gaza, killing tens of thousands and displacing nearly the entire population of the enclave. Infrastructure, housing, healthcare, and basic services have been severely damaged or destroyed.

Criticism and Global Concerns

Human rights organisations, UN experts, and independent analysts have raised serious concerns about both the humanitarian situation and the proposed governance framework. Several UN bodies have described Gaza as facing a “hunger crisis”, and some investigations have raised allegations of genocide—claims Israel strongly rejects, maintaining that its actions are necessary for self-defence.

Critics of Trump’s plan argue that the Board of Peace resembles a “colonial-style” structure, with an international panel effectively supervising the governance of a foreign territory. A particularly contentious issue is the absence of Palestinians on the founding Executive Board, raising questions about local legitimacy, self-determination, and long-term sustainability.

The inclusion of Tony Blair has also drawn sharp criticism, given his association with Western military interventions in the Middle East. For some observers, his presence reinforces fears that the plan prioritises geopolitical control and economic interests over genuine Palestinian agency.

Trump himself has drawn controversy with past remarks suggesting he viewed Gaza as a potential real estate opportunity. Although he has since repositioned himself as a broker of peace advocating a technocratic solution, scepticism remains widespread.

Ajay Banga’s Delicate Balancing Act

For Ajay Banga, the appointment represents both an expansion of his global influence and a significant reputational risk. As head of the World Bank, he is expected to champion development, poverty reduction, and inclusive growth. His role on a politically charged board overseeing Gaza’s future places him at the intersection of finance, geopolitics, and one of the world’s most intractable conflicts.

Whether Banga’s expertise can help mobilise resources and rebuild institutions in Gaza—or whether the broader framework will falter under political and ethical criticism—remains to be seen. What is clear is that his presence underscores how deeply global finance and international governance are now entwined with the future of Gaza.