The World Bank Group said Tuesday that more than half the population of Gaza is on the brink of famine, including children and the elderly.
The international organization called for urgent action to save lives.
"We join the international community in calling for immediate, free, and unimpeded access of medical supplies, food and life-essential services through all available means at speed and scale to the people of Gaza," it said in a statement.
The World Bank Group's board of directors in December approved the commitment of $35 million in funds to development partners which are active in Gaza, including the UN Children's Fund (UNICEF), the World Food Program (WFP) and the World Health Organization (WHO).
This funds include a $10 million package to the WFP to purchase food parcels and vouchers to reach an estimated 377,000 people.
Israel has waged a deadly military offensive on the Gaza Strip since an attack by the Palestinian resistance group Hamas last October, which killed nearly 1,200 people.
More than 31,800 Palestinians, mostly women and children, have since been killed in Gaza, and almost 74,000 injured amid mass destruction and shortages of necessities.
The Israeli war has pushed 85% of Gaza's population into internal displacement amid a crippling blockade of most food, clean water and medicine, while 60% of the enclave's infrastructure has been damaged or destroyed, according to the UN.
Israel is accused of genocide at the International Court of Justice. An interim ruling in January ordered Tel Aviv to ensure its forces do not commit acts of genocide, and guarantee that humanitarian assistance is provided to civilians in Gaza.
