U.S. President Donald Trump formalized the structure of the Board of Peace for Gaza, an entity intended to implement his 20-point plan for the region, according to a White House statement released Saturday. The announcement comes shortly after U.S. envoy Steve Witkoff initiated the second phase of the U.S.-brokered plan aimed at ending the conflict in Gaza.

The Board of Peace will operate under a three-tiered power structure, with a U.S.-led board at the apex, composed of billionaires and individuals with close ties to Israel. Bulgarian diplomat Nickolay Mladenov has been appointed as the High Representative for the Board of Peace. Mladenov will be responsible for overseeing the transition from Hamas governance to a Palestinian administration of technocrats, headed by Ali Shaath, a former Palestinian Authority (PA) deputy minister.

In addition to the Board of Peace, the White House announced the establishment of a Gaza Executive Board. This board will collaborate with the Office of the High Representative and the Palestinian administration to manage the day-to-day affairs of Gaza. The specific individuals comprising the U.S.-led Board of Peace were not detailed in the initial White House statement, but further announcements are expected in the coming days.

The Board of Peace initiative follows months of diplomatic efforts led by the U.S. to mediate a resolution to the conflict. The 20-point plan, while not fully disclosed, is believed to encompass aspects of security, governance, and economic development for Gaza. The transition from Hamas rule to a technocratic administration represents a significant shift in the region's political landscape.

The involvement of billionaires and individuals with close ties to Israel has already drawn scrutiny from some international observers. Critics argue that the composition of the board could potentially bias the peace process and undermine the interests of the Palestinian people. Supporters, however, maintain that the expertise and resources of these individuals are crucial for the successful implementation of the plan.

The formation of the Board of Peace and the Gaza Executive Board marks a critical juncture in the ongoing efforts to stabilize the region. The success of the initiative will depend on the ability of these bodies to effectively address the complex challenges facing Gaza and to foster cooperation between all stakeholders. The coming weeks will be crucial in determining the direction and impact of this new framework for peace.