World Bank President Ajay Banga estimates the war damage from Israeli strikes on Gaza to be between $14 billion and $20 billion, with additional destruction reported in southern Lebanon.

The conflict has resulted in significant casualties, with at least 2,350 deaths and 11,000 injuries reported in Lebanon, alongside over 42,000 Palestinian deaths since the onset of Israel's military response.

The escalation of violence began after Hamas's attack on Israel on October 7, which resulted in 1,200 Israeli deaths and around 250 hostages taken.

Banga expressed deep concern over the high civilian death toll, describing it as 'unconscionable' and emphasizing the impact on women and children.

In response to the crisis, the World Bank has significantly increased its financial support to the Palestinian Authority to $300 million, which is six times its usual contribution.

Banga warned that an escalation of the conflict could draw larger contributors to the global economy into the fray, particularly major commodity exporters.

While the ongoing war has had a relatively minor impact on the global economy so far, Banga cautioned that the economic ramifications could worsen if the conflict spreads regionally.

For continued U.S. military funding, Israel is required to increase humanitarian aid to a minimum of 350 trucks per day and implement more humanitarian pauses.

The Biden administration has sent a letter to Israel urging improvements in the humanitarian situation in Gaza, warning of potential restrictions on U.S. military aid if measures are not taken.

Israeli airstrikes have intensified in southern Lebanon, resulting in at least one death and over 30 injuries in the town of Kana, alongside further casualties reported in the Bekaa Valley.

The World Bank has assembled a team of experts from Israel, Jordan, and Egypt to explore additional solutions for the ongoing crisis.

Details regarding the conflict and casualties remain difficult to verify independently due to the current situation.