UK, Egypt, Palestine push for private investment in Gaza reconstruction

The UK, Egypt and Palestine said on Thursday that they have been working to mobilize private sector finance to meet the enormous costs of rebuilding Gaza and ensuring that the reconstruction is Palestinian-led.

"The scale of destruction makes clear the urgent need for practical solutions. That is why we, the governments of the UK, Egypt and Palestine, have brought together international investors and partner governments," the three governments said in a joint communiqué following discussions at Wilton Park this week.

The three-day talks brought together international investors, Palestinian private sector representatives, and International and Arab governments to explore how private finance could be mobilized for Gaza's recovery.

"Gaza's reconstruction will cost tens of billions of dollars," the statement noted, adding that rebuilding the territory would require "both the financing and the active participation and expertise of the private sector."

According to the communiqué, discussions at Wilton Park made "significant progress in identifying ways to create sustainable private finance, while putting Palestinians at the front and center of the recovery and reconstruction efforts."

The meeting also aimed to build on existing plans, such as the "Arab Islamic Early Recovery, Reconstruction and Development Plan for Gaza, and the Two-State Solution Conference Outcome Document."

Looking ahead, the co-hosts said they are "committed to building on the progress of this week to support the forthcoming Cairo International Conference on Recovery, Reconstruction and Development of Gaza in November and advance international action to support Gaza's reconstruction as part of our collective efforts to build a political horizon for the state of Palestine and the two-state solution."