The overarching Board of Peace will be made up of world leaders, with President Trump as its chairman, the White House said, external.
While those members have not been announced, the leaders of the UK, Hungary, Argentina, Jordan, Turkey, India, and Egypt have reportedly been invited.
Governments have reacted cautiously to the invitations, with only Hungarian Prime Minister Viktor Orban, a Trump ally, confirming he has accepted the role.
The White House said those chosen will work to ensure “effective governance and the delivery of best-in-class services that advance peace, stability, and prosperity for the people of Gaza”.
The UK was seeking more clarity on the committee, a government source told the BBC.
On Saturday, Bloomberg reported that Trump was asking countries to contribute $1bn (£745m) to join the panel.
Speaking to CBS news, external , a US official confirmed the reports, but clarified that countries could still join on a three year membership without paying anything.
Canada’s Mark Carney said that he agreed with Trump’s plan on principle, but that the details – including financial ones – were still being worked through.
Speaking to reporters in Doha on Sunday, he made clear that Canada did not have “unimpeded” aid funds to cover the costs of membership.