The United States and Iran are discussing a draft preliminary agreement that would create an international investment fund for Iran if a final deal is reached, The New York Times reported, citing an Iranian official, U.S. officials and diplomats familiar with the talks.
According to an Iranian official and a diplomat, the fund could be worth $300 billion. Other participants in the mediation efforts have not confirmed that figure. Tehran describes the mechanism as a reconstruction program. Iran previously demanded compensation for bombing damage, estimating it at $300 billion to $1 trillion.
Times sources cited the fund as one of the new provisions in the draft memorandum. They say the United States could facilitate its creation after the final agreement is signed. Details are expected to be discussed at the next stage of negotiations.
The draft provides a framework for an end to hostilities between Washington and Tehran, the possible opening of the Strait of Hormuz, negotiations on the future of Iran's nuclear program and the gradual release of some frozen Iranian assets. According to the publication, Iran has approximately $24 billion frozen abroad, and Tehran is seeking access to $20 billion in the Middle East.
The newspaper notes that US President Donald Trump has not yet approved the draft. The talks are being brokered by Pakistan and Qatar, with the parties interpreting the document's provisions differently.
According to a source in the administration, Trump has not yet made a final decision on the Iran deal.
On Friday, the US president held a two-hour meeting with his national security team in the White House Situation Room. Washington believes the parties are close to a deal, but several issues remain unresolved, including the unfreezing of Iranian funds.
The Iranian Foreign Ministry confirmed ongoing contacts with the US, noting that a final agreement has not yet been reached. Tehran says the current talks are focused on ending the war and not on its nuclear program.
The draft memorandum could provide for a 60-day extension of the ceasefire, the start of nuclear talks and the restoration of shipping in the Strait of Hormuz. Axios reported that Iran must clear the mines in the strait within 30 days, but The New York Times noted that the process could take longer.
Among the disputed terms are the timing of the lifting of the US naval blockade and the possible easing of sanctions on Iranian oil exports. According to The New York Times, Washington is pushing for a phased lifting of the blockade as commercial shipping resumes.
Meanwhile, Trump announced on May 29 that the naval blockade of Iranian ports in the Strait of Hormuz "will be lifted now" and that the blocked ships can begin "coming home."