The administration of US President Donald Trump has proposed investing $5 billion in a new international fund to rebuild the Middle East's energy infrastructure. The initiative aims to eliminate the consequences of the seven-month war with Iran. This was reported by Qazaqyia.kz citing Kursiv Media.
Fund size
According to The Wall Street Journal, the project has received the official name Partnership for Allied Trust and Construction (PACT). The total fund size is planned at $10 billion. Of this, $5 billion is provided by the US, and the remaining $5 billion must be jointly contributed by eight countries in the region: Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Oman, Iraq, and Jordan.
Key goals
The key goals of the fund are the restoration of damaged oil pipelines, refineries, and other energy facilities. The initiative aims to eliminate the consequences of the seven-month war with Iran.
Discussion stage
At present, the proposal is at the discussion stage. Earlier, Kursiv wrote that Trump stated he would soon announce an important decision on the conflict with Iran.
It is worth noting that the initiative of US President Donald Trump's administration is aimed at rebuilding the energy infrastructure of the Middle East. Within the framework of the project, the international fund being created will require joint efforts from the countries of the region. Eight states — Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Oman, Iraq, and Jordan — must make their contributions to the fund.
The total fund size is $10 billion, half of which is provided by the US and the other half by the countries of the region. These funds will be used to restore damaged oil pipelines, refineries, and other energy facilities.
The seven-month war with Iran has caused significant damage to the energy infrastructure of the Middle East. In this regard, the US administration proposes creating an international fund to restore the region's energy facilities.
The official name of the project is Partnership for Allied Trust and Construction (PACT). This name is indicated in the data from The Wall Street Journal.
At present, the proposal is at the discussion stage. Earlier, Kursiv wrote that Trump stated he would soon announce an important decision on the conflict with Iran.