Nigeria, June 18 -- The United States has proposed a massive $300 billion reconstruction and economic development package for Iran as part of a sweeping peace framework designed to end hostilities, reopen the Strait of Hormuz and pave the way for a comprehensive agreement on Tehran's nuclear programme.

The commitment was contained in the officially released text of the Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran, making it one of the largest economic components of any US-Iran agreement to date, according to Reuters.

Under the 14-point memorandum, which was first published by CNN, the United States and its regional partners would develop a "definitive, mutually agreed plan" ...