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$20bn cost of Gaza post-war reconstruction, UN trade body says

February 15, 2024 at 2:12 pm

A view of the damaged area as the Palestinians return to their home after the withdrawal of Israeli forces at Al-Rimal neighborhood in Gaza City, Gaza on February 10, 2024. [Omar Qattaa – Anadolu Agency]

Gaza will need a new “Marshall Plan” to recover from the conflict between Israel and Hamas, a UN trade body official said today, adding that the damage from Israel’s devastating bombing campaign so far amounted to around $20 billion, Reuters reports.

Speaking on the sidelines of a UN meeting in Geneva, Richard Kozul-Wright, a director at trade body UNCTAD, said the damage was already four times that endured in Gaza during the seven-week war in 2014.

“We are talking about around $20 billion if it stops now,” he said.

Kozul-Wright said the estimate was based on satellite images and other information and that a more precise estimate would require researchers to enter Gaza.

The reconstruction will require a new “Marshall Plan”, he said, referring to the U.S. plan for Europe’s economic recovery after World War Two.

UNCTAD already said in a report last month that it could take until 2092 for Gaza’s economy to regain its pre-conflict size if hostilities in the Palestinian enclave were to cease immediately.

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