U.S. President Donald Trump's Board of Peace has no cash in its official Gaza reconstruction fund, despite member countries pledging billions of dollars, a source familiar with the board told AFP on Wednesday.

Mr. Trump first conceived of the board to rebuild Gaza, where Israel and Hamas agreed to a U.S.-backed ceasefire in October in a bid to halt two years of devastating war.

But he quickly raised eyebrows by sending out wide invitations, including to Russian President Vladimir Putin and to countries far removed from traditional West Asia diplomacy.

Since the board was set up, its fund — administered by the World Bank and endorsed by the United Nations — has received no money from donors, the source familiar with the Board of Peace told AFP.

The source said money had not been deposited because the fund was designed for the reconstruction and development phase, which has not yet been reached.

Israeli military operations in Gaza have continued despite the ceasefire, with at least 910 people killed since then, according to the territory's Health Ministry.

Israel still retains control over 60 percent of the Gaza Strip, including all entry and exit points, while the population is concentrated on the coast.

Earlier on Wednesday, the Financial Times reported that the board had received donations directly into a JPMorgan account, citing the board's spokesperson.

There are no "independent transparency requirements" in place for the JPMorgan account, the FT noted.

Major European nations have shunned the board, which is heavy on longstanding U.S. partners in West Asia, ideological allies of Mr. Trump and smaller countries eager for Trump's attention.

France and Britain refused to join.

The board is unambiguously led not just by the United States but personally by Mr. Trump, who holds the final say and can remain in charge past his presidency.

Mr. Trump previously said that the United States would contribute $10 billion to the board, while Qatar, Saudi Arabia and the United Arab Emirates each promised at least $1 billion.

Members of the board are required pay $1 billion for a permanent spot, according to its charter.

An EU-UN assessment published in April estimated that more than $71 billion will be needed over the next decade for the reconstruction of war-ravaged Gaza, where the UN says the humanitarian situation is "critical."