The disarmament of Hamas militants and accompanying withdrawal of Israeli troops, the size of the reconstruction fund and the flow of humanitarian aid to the war-battered populace of Gaza are among the major questions likely to test the effectiveness of the board in the weeks and months ahead.
In a flurry of announcements at the end of a long, winding speech, Trump said the United States will make a contribution of $US10bn ($A14 bn) to the Board of Peace. He said contributing nations had raised $US7bn as an initial down payment for Gaza reconstruction.
Nations contributing included Kazakhstan, Azerbaijan, United Arab Emirates, Morocco, Bahrain, Qatar, Saudi Arabia, Uzbekistan, and Kuwait, he said.
The dollars pledged, while significant, represent a fraction of the estimated $70bn ($A100bn) needed to rebuild the Palestinian territory decimated after two years of war.
Trump first proposed the board last September when he announced his plan to end Israel's war in Gaza. He later made clear the board's remit would be expanded beyond Gaza to tackle other conflicts worldwide.
Trump also said FIFA will raise $US75m ($A106 m) for soccer-related projects in Gaza and that the United Nations will chip in $US2bn ($A2.8 bn) for humanitarian assistance.
The Board of Peace includes Israel but not Palestinian representatives and Trump's suggestion that the Board could eventually address challenges beyond Gaza has stirred anxiety that it could undermine the UN's role as the main platform for global diplomacy and conflict resolution.
"We're going to strengthen the United Nations," Trump said, trying to assuage his critics. "It's really very important."
The meeting came as Trump threatens war against Iran and has embarked on a massive military buildu-p in the region in case Tehran refuses to give up its nuclear program.
Trump said he should know in 10 days whether a deal with Iran is possible. "We have to have a meaningful deal," he said.
The event had the feel of a Trump campaign rally, with music blaring from his eclectic playlist from Elvis Presley to the Beach Boys. Red Trump hats were given to participants.
Senior US officials said Trump will also announce that several nations are planning to send thousands of troops to participate in an International Stabilisation Force that will help keep the peace in Gaza when it eventually deploys.
Indonesia, Morocco, Kazakhstan, Kosovo and Albania have pledged to send troops for Gaza stabilisation force, while Egypt and Jordan have committed to train police for the efforts.
"We have to get this right. There is no plan B for Gaza. Plan B is going back to war. No one here wants that," said US Secretary of State Marco Rubio.
Hamas, fearful of Israeli reprisals, has been reluctant to hand over weaponry as part of Trump's 20-point Gaza plan that brought about a fragile ceasefire last October in the two-year Gaza war.
Trump said he hoped use of force to disarm Hamas would not be necessary. He said Hamas had promised to disarm and it "looks like they're going to be doing that, but we'll have to find out."
Israeli Prime Minister Benjamin Netanyahu said in Israel that Hamas will be disarmed one way or the other. "Very soon, Hamas will face a dilemma - to disarm peacefully or disarmed forcefully," he said.
In Gaza, Hamas spokesperson Hazem Qassem said any international force must "monitor the ceasefire and prevent the (Israeli) occupation from continuing its aggression". Disarmament could be discussed, he said, without directly committing to it.
Hamas, which has resumed administration of the ruined enclave, says it is ready to hand over to a US-backed committee of Palestinian technocrats led by Ali Shaath but that Israel has not allowed the group into Gaza. Israel has yet to comment on those assertions.
In Gaza the US-backed Palestinian committee established to take control of Gaza opened applications for a police force for the enclave. Applicants must be residents of Gaza aged 18-35, have no criminal record, and be in good physical shape.
Some 2,000 Palestinians signed up for the police force in the first hours after applications went live, Nikolay Mladenov, the Trump-appointed envoy overseeing post-war coordination in Gaza, told the Board of Peace meeting.
with AP
