By Michelle Nichols

UNITED NATIONS (Reuters) -The World Bank backs language in a U.S.-drafted United Nations Security Council resolution on Gaza that would authorize a two-year mandate for a transitional governance body, according to a letter to the United States seen by Reuters.

The 15-member UN Security Council began negotiations on Thursday on the text that would mandate a so-called Board of Peace transitional governance administration, giving it the authority to establish operational entities to address issues including the reconstruction of Gaza and of economic recovery programs.

The World Bank, the U.N. and the European Union had estimated in February it would cost more than $50 billion to rebuild Gaza, and are finalizing a new interim estimate of $70 billion. Show Full Article

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