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 follows U.S. envoy Steve Witkoff's launch of 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, comprised of billionaires and individuals with close ties to Israel, the White House statement detailed. Bulgarian diplomat Nickolay Mladenov has been appointed as the High Representative for the Board of Peace. In this role, Mladenov will supervise the transition from Hamas governance to a Palestinian administration of technocrats, headed by Ali Shaath, a former Palestinian Authority (PA) deputy minister.

The White House also announced the creation of a Gaza Executive Board, which will collaborate with the Office of the High Representative and the Palestinian administration. The specific individuals comprising the U.S.-led Board of Peace were not explicitly named in the initial White House statement.

The Board of Peace initiative emerges as a key component of the Trump administration's broader strategy to address the Israeli-Palestinian conflict. The 20-point plan for Gaza, while not fully disclosed, is expected to focus on reconstruction, economic development, and security arrangements within the Gaza Strip. The involvement of billionaires and figures closely associated with Israel suggests a focus on private sector investment and regional cooperation.

The appointment of Nickolay Mladenov as High Representative signals an effort to leverage international diplomatic experience in navigating the complex political landscape of Gaza. Mladenov's previous roles within the United Nations have provided him with extensive knowledge of the region and its challenges. Ali Shaath's leadership of the Palestinian administration of technocrats indicates a move towards a more technocratic and potentially less politically charged governance model for Gaza.

The success of the Board of Peace will likely depend on several factors, including the cooperation of all relevant parties, the availability of funding for reconstruction and development projects, and the ability to establish a stable security environment within Gaza. Further details regarding the specific composition of the U.S.-led board and the operational details of the Gaza Executive Board are expected to be released in the coming weeks.