US President Donald Trump will unveil a multibillion-dollar Gaza reconstruction plan at the first formal meeting of the Board of Peace next week, according to informed sources, AP reports.

As per these sources, the Trump administration expects delegations from at least 20 countries to participate in the first meeting of the Board of Peace, scheduled for February 19.

It is planned to allocate several billion dollars for the reconstruction of the war-torn Gaza Strip, as well as thousands of soldiers for an international stabilization force to ensure security in the territory.

Separately, Israeli Prime Minister Benjamin Netanyahu's office announced that he will not go to the US next week.

The creation of the Board of Peace was part of Trump's proposed plan to end the conflict in the Gaza Strip. Its creation was announced in January.

About 60 world leaders have been invited to join the Board of Peace, some of whom—including Armenia—are founding members. Trump has become the first chairman of the Board of Peace.

The opening ceremony of the Board of Peace took place on January 22, at the World Economic Forum in Davos, Switzerland.