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Draft US-Iran Framework Reportedly Includes $300 Billion Relief Fund for Tehran

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Draft US-Iran Framework Reportedly Includes $300 Billion Relief Fund for Tehran

A draft agreement between the US and Iran includes a mechanism for Tehran to gain access to at least $300 billion in financing, as well as a commitment from the Islamic Republic that it will never produce nuclear weapons.

Multiple media outlets, including CNN and The Wall Street Journal, published text of the draft 14-point memorandum of understanding Washington and Tehran struck to end their war and reopen the Strait of Hormuz.

A formal signing ceremony is scheduled to take place in Switzerland on Friday, which would kick off a 60-day period of further talks.

The purported term sheet includes rehabilitation and economic development of Iran, ensuring at least $300 billion in financing.

The $300 billion benefit will come via a private fund aimed at spurring investments into Iran, with more than half that sum having been already committed, Reuters reported, citing a source with direct knowledge of the deal.

Iran may get access to a $300 billion fund if it meets commitments related to its nuclear program, CNN reported. As part of the deal, Iran would commit that it will never produce nuclear weapons, a key US demand.

The purported MoU is yet to be officially released, but CNN -- which obtained a copy from a US official -- said that a diplomat attending the G7 summit in France this week and two other diplomatic sources confirmed the contents of the draft document.

Under the proposed draft agreement, Iran would be allowed to export its oil and petrochemical products, while the US may release frozen Iranian funds, subject to progress of negotiations.

The US has agreed to lift its naval blockade of Iranian ports.

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