The pledges will be formally announced when board members gather in Washington on Thursday for their first meeting, President Trump he said in a social media post.

“The Board of Peace will prove to be the most consequential International Body in History, and it is my honor to serve as its Chairman,” Trump said.

Member states have also committed to contributing personnel to an international stabilization force and local police force to maintain security and peace in Gaza.

President Trump has emphasized that Hamas must uphold its commitment to "full and immediate demilitarization" and disarmament is crucial for postwar stability.