PA President Mahmoud Abbas at the United Nations. Photo: UN.

Billions of dollars in international aid granted to the Palestinian Authority may have been squandered, lost to corruption, or misspent, a new report by the European Court of Auditors, the Luxembourg-based watchdog, revealed, The Sunday Times reported.

Roughly €2.3 Billion ($3.1 Billion) made its way from Europe to the Palestinian territories between 2008 and 2012, but much of it is unaccounted for, the report said.

According to The Sunday Times, which got an early glimpse of the report, “EU investigators who visited sites in Jerusalem, Gaza and the West Bank noted ‘significant shortcomings’ in the management of funds sent to Gaza and the West Bank.

“The auditors complained about the lack of measures to ‘mitigate’ high-level’ risks, such as ‘corruption or of funds not being used for their intended purpose,'” The Times said.