Shafaq News- Washington 

The administration of US President Donald Trump has proposed establishing a new fund to help Middle Eastern countries rebuild energy infrastructure damaged during the war with Iran, The Wall Street Journal reported Monday.

Citing US and Middle Eastern officials and documents, the newspaper said the proposed fund would invest $5 billion to repair the damage and reduce the region’s reliance on the Strait of Hormuz for oil and gas shipments.

According to the report, Washington is seeking matching contributions from eight Middle Eastern countries: Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait, Oman, Iraq and Jordan.

Combined contributions would create a $10 billion investment fund, reportedly known as the “Partnership for Trust and Allied Reconstruction,” WSJ added. “US officials said discussions were ongoing, the terms of the arrangement could change, and participation by the other countries had yet to be finalized.”

Some Middle Eastern officials viewed the initiative as an effort by Washington to demonstrate solidarity between the United States and its regional allies in confronting Iran. They also cautioned that rebuilding damaged energy facilities without first reaching a peace agreement with Tehran could be premature, given the possibility that Iran could target newly rebuilt infrastructure with drones and missiles.

The proposed fund, the newspaper said, would be administered by the Development Finance Corporation, a federal agency that works with the private sector to advance US national security and foreign policy objectives.