The program, named the “Team Gaza Initiative,” was announced during a meeting of the Palestine Donor Group in Brussels. According to the European Commission, the initiative is designed to finance both ongoing and planned projects aimed at supporting Gaza’s early recovery.

The Commission said the partnership includes 12 European countries, Japan, the World Bank and the European Investment Bank, reflecting a coordinated international effort to mobilize financial assistance for the territory.

The funding package totals €883.6 million, equivalent to approximately $1 billion based on the exchange rate cited by the Commission.

The European Commission said the initiative would focus on assisting the people of Gaza through projects intended to support reconstruction and recovery needs as humanitarian and infrastructure challenges continue across the territory.

The announcement comes amid continued international efforts to coordinate financial assistance for Gaza through multilateral mechanisms and donor partnerships. The Palestine Donor Group meeting in Brussels served as the platform for participating governments and institutions to formalize the initiative.

The Commission did not provide a detailed breakdown of individual financial contributions by participating partners or specify the timeline for disbursing the funds.

The “Team Gaza Initiative” adds to broader international efforts aimed at supporting Gaza’s recovery through coordinated assistance involving governments and international financial institutions.