The World Bank: $570 million in losses from the recent aggression on Gaza

The World Bank, in a report revealed on Tuesday, estimated the direct losses in the Gaza Strip as a result of the recent Israeli aggression at about 570 million dollars.

In its report, which was presented during a virtual meeting of the Committee for the Coordination of International Aid to the Palestinian People chaired by Norway, the World Bank said, “The rapid recovery in the Gaza Strip needs at least $485 million.”

The report was prepared in partnership with the United Nations and the European Union, and in close cooperation with the Palestinian National Authority, civil society and the private sector in Gaza.

The World Bank said: "The social sectors were the most (140-180 million dollars), and the housing sector alone represents about 93% of the total damage to the social sectors."

The other two sectors most affected are the productive and financial sectors, with agriculture, services, trade and industry coming in the fore.

The aggression also resulted, according to the World Bank, in economic losses, in terms of stopping economic flows, production and services, ranging between $105 and $190 million.

“Once again, the social sectors were the hardest hit, with the high cost of health and social protection, not to mention unemployment, accounting for about 87% of the losses,” the World Bank said.

The report added: "The needs required to achieve recovery during the first 24 months amount to 485 million dollars."

He pointed out that "the estimates carried by this rapid assessment of damage and needs are preliminary, but they are vital to identifying priority interventions."

"This is yet another unfortunate episode in which Palestinians in Gaza have suffered conflict and destruction, and the humanitarian crisis has exacerbated in an economy with very limited outreach to the outside world," said Kanthan Shankar, the World Bank's Director and Resident Representative in Palestine.

He added, "Gaza's gross domestic product shrank by 0.3% in the first half of this year, compared to an annual growth rate of about 2.5 before the aggression."

The international official expressed his hope "to mobilize donors' support to restore safe living conditions and livelihoods for the people of Gaza, and to pave the way towards recovery."

According to the World Bank report, urgent recovery needs include providing cash assistance to about 45,000 people, providing an additional 20,000 full-time jobs for 12 months, and prioritizing housing for more than 4,000 people whose homes were destroyed or partially damaged, which were sheltering about 7,000 children in families. that lost those dwellings.

The World Bank said: “It, the United Nations and the European Union are committed to providing vital support to the Palestinian people, and to ensuring a rapid and reliable recovery.”

He continued, "A rapid recovery in the short term depends on financial support, including donor support, as well as Israel's cooperation to expedite access to materials and equipment intended for civilian purposes."

The report recommends addressing immediate and future needs, such as infrastructure reform that is inclusive, energy efficient and environmentally sustainable, as well as adopting measures to provide stronger social safeguards and implementing targeted policy reforms.

The World Bank said: “The aggression on the Gaza Strip, which lasted for eleven days in May 2021, resulted in the killing of more than 260 people, including 66 children and 41 women, and the human losses were exacerbated by the total damage and losses incurred in the social, production, financial and facilities sectors. Infrastructure".

"The cessation of hostilities that has been achieved has remained largely in place, but it is still fragile," said the UN Special Coordinator for the Middle East Peace Process, Tor Venesland.

He stressed that the United Nations was "doing everything in its power to meet the most urgent needs that would allow the Palestinians in Gaza to begin their recovery as quickly as possible."

"This rapid assessment of damage and needs is an important step in that process, and I appeal to the international community to cooperate in supporting these efforts," he added.

EU Representative in Palestine Sven Kon von Burgsdorff commented on the report: “The civilian casualties and the devastating social and economic impact of this round of hostilities remind us once again that we must address the root causes of the conflict.”

"The reconstruction of Gaza must support a meaningful peace process that brings security and dignity to all," he added.

"While we recognize the importance of a rapid assessment of damage and needs, the sustainability of rebuilding depends to a large extent on the progress of the political process," said Burgsdorff.


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