Palestinian President Mahmoud Abbas said on Monday that financial aid to the Palestinians needs a political settlement to the conflict with Israel.

Financial support to the Palestinians would be "insufficient" if there is no end to the decades-old conflict between the Palestinians and Israel, Abbas said in his speech at an international conference for the reconstruction of the Gaza Strip held in the Egyptian Red Sea resort of Sharm el-Sheikh.

The rebuilding efforts will remain powerless and threatened without a political settlement to the Palestinian-Israeli conflict, said Abbas.

According to UN reports, more than 14,000 homes, 68 government buildings, and 31 offices of nongovernmental organizations were destroyed during the recent Israeli attacks against Gaza that killed more than 1,300 Palestinians and wounded 5,500 others.

Acting Palestinian Prime Minister Salam Fayyad has said in an official report that the Palestinian National Authority (PNA) will request US$2.8 billion at Monday's Gaza aid meeting.