ALBAWABA - Qatari PM, Sheikh Mohammad, said that Gulf states could play a role in financing reconstruction in Iran, however, $300 billion seems ‘aspirational’ he says.
In an interview with Financial Times, Sheikh Mohammad said that Gulf states are willing to finance if Iran reaches a conclusive and final peace agreement with the U.S.
"Our aim is that Iran flourishes and their economy grows; and our investment basically has always been purely on commercial decisions," he noted, highlighting the shared mutual economic benefits of working with their neighbours across the Gulf.
Under the provision of Article 6 of the Islamabad Memorandum of Understanding between the U.S. and Iran, countries could participate in funding the $300 billion through a special mechanism.
The MoU further states that the mechanism for the fund will be finalized within the allotted 60 days by U.S. and regional partners, which are understood to be the Gulf nations. While the Gulf provides the money, the U.S. will provide all necessary approvals, waivers and licenses for related financial transactions.
The Qatari PM seemed to welcome the idea, if not the number; saying: "The figure of $300 billion that has been slated for a proposed Iran investment fund is an aspirational number,". It remains to be seen if other Gulf nations follow suit as the tenuous peace holds on for now.
