In a statement issued on Saturday after a meeting in Dubai between its finance ministers and their Palestinian counterpart, the group said the international community should increase and accelerate their aid to the Palestinian Authority.
"We will advocate that the World Bank replenish the Trust Fund for the West Bank and Gaza this fall. We urge other members of the international community to increase and accelerate their assistance provided to Palestinian Authority," the statement said.
"We are concerned about the current humanitarian situation and fully support the peace process," it added.
World Bank's representative for the West Bank and Gaza also concurred, saying the Palestinian Authority needed at least $ 1 billion a year from donors to keep its economy going.
"We are talking roughly $ 1 billion a year and if we can maintain or slightly exceed that I think we will be doing very well," Nigel Roberts of the World Bank said.
He also urged donors not to lose sight of Palestinians as they turn their attention on raising funds for Iraq.
"The Palestinian issue is absolutely critical to the region and also internationally so the priority that the international community needs to give to that is extremely high," Roberts said.