Secretary of State Marco Rubio said Thursday he did not discuss the purported $300 billion Iran reconstruction fund with Persian Gulf leaders during his visit this week, even as other U.S. officials say the Gulf Cooperation Council members will support the effort.
Mr. Rubio told reporters in Bahrain that the reconstruction fund is “way down the road” and will be considered at the “appropriate time in this process,” without elaborating.
The recently signed U.S.-Iran memorandum of understanding states that Washington and its regional partners will establish a “reconstruction and economic development” program to assist Tehran in rebuilding. The plan is expected to have at least $300 billion in funding and be finalized during negotiations.
Iran has touted the provision, along with the sanctions relief components of the memorandum, as war reparations and has insisted that the funds will improve Iran’s economy.
But Gulf leaders have been relatively muted about committing billions of dollars to rebuild Iranian infrastructure.
Saudi Foreign Minister Prince Faisal bin Farhan said last week that Riyadh had no information about the fund and refused to say if his country would commit to contributing. He added that the war had so thoroughly hurt trust between Saudi Arabia and Iran that any contributions would have to be conditional.
During the war, which began in late February when the U.S. and Israel launched attacks on Iran, Tehran launched missile and drones at targets across the Gulf, including U.S. military installations, energy infrastructure, diplomatic buildings and civilian buildings.
Vice President J.D. Vance said last week that the GCC countries would fund the effort but that Iran would gain access to the fund only after it fulfills other commitments laid out in the memorandum of understanding and agrees to certain concessions during negotiations.
Specifically, Mr. Vance said Iran can gain access to the funds only if it agrees to end its nuclear program, hands over its highly enriched uranium and commits to a robust inspection regime.
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