Draft U.S.-Iran Deal Includes $300B Development Fund, Reports Say
Iran is set to receive broad financial incentives as part of a pact to end the war launched by the United States and Israel, including the right to sell oil immediately, access to a $300 billion development fund, and eventual access to its frozen assets, according to a draft of the deal published by CNN and Bloomberg on Wednesday.
While the agreement has not been officially released, U.S. President Donald Trump has promised the Strait of Hormuz will fully reopen once the accord is signed on Friday in Switzerland.
CNN, citing U.S. officials familiar with the matter, said it confirmed the contents of the draft document, with one source stating the text reflects the agreement signed digitally by Trump, Vice President JD Vance and Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf on Sunday.
Regarding the billions of dollars of financial relief being offered to Iran, CNN reported that it is contingent on the Islamic Republic meeting commitments related to its nuclear program in further negotiations.
Key Provisions of the Draft
Another provision in the draft document said Iran will be able to resume oil exports free of U.S. sanctions. On Iran's nuclear program, the document stated: "The Islamic Republic of Iran reiterates that it will never produce nuclear weapons."
It also said both the U.S. and Iran "have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran's nuclear needs, will be adequately addressed in a final agreement."
The draft memorandum of understanding also included a provision calling for marine traffic, apparently through the Strait of Hormuz, to return to pre-war levels within 30 days.
Trump Says Deal Not Final, Denies $300 Billion Development
Trump said Wednesday the interim deal with Iran is not a final agreement and that the U.S. could resume airstrikes on Iran "if they don't behave."
"It's a memorandum of understanding. And if I don't like it, we'll go back to shooting at them, dropping bombs on their head," Trump said, speaking next to Egyptian President Abdel Fattah El-Sisi at the G7 Summit in Evian-les-Bains, France.
"If I don't like it, if they don't behave, we'll go right back to dropping bombs right smack in the middle of their head, OK?" he added.
He also denied that there was a $300-billion development fund for Iran, but said he could not stop others from investing in Tehran.
"You can invest if you want. I mean, what am I gonna do? Say, nobody's ever allowed to invest? No, we're not investing, we're not putting up 10 cents, and people can decide to do that, but that's up to them," Trump said, per CNN.
"We are not investing in it, and we do not have a fund," he added.
G7 Leaders Welcome U.S.-Iran Deal
In a joint statement released on Wednesday, world leaders at the G7 summit in France said they "welcome" the agreement between the United States and Iran.
"We support and are ready to contribute to its implementation," the statement said.
"We reaffirm that the right of transit passage without restrictions or tolls is the bedrock of international trade," the statement continued.
"We agree that the multinational, independent, and defensive initiative led by France and the U.K. can play an important role to facilitate the resumption of maritime traffic in the Strait of Hormuz by protecting merchant vessels, reassuring commercial shipping operators, and supporting verification that all mines are removed."
