The U.S. has agreed to facilitate the release of frozen Iranian assets, contingent on progress in negotiations towards a final agreement, and create a plan for Iran’s economic development, involving $300 billion, according to a leaked text of the 14-point framework agreement reached between Tehran and Washington.

The draft, published by Saudi Arabia’s Al Arabiya network, states that Iran has pledged never to produce nuclear weapons, while U.S. would lift sanctions on the sale of Iranian crude oil, petrochemical products and other services, including banking, during the negotiation period, and commits itself to lifting all sanctions as part of a final agreement.

The memorandum of understanding is expected to be signed in Geneva by top American and Iranian officials on June 19. The text calls for an “immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other.”

While the U.S. and Iran announced a ceasefire on April 8 after 40 days of bombing, Lebanon, where Israel occupies parts of the country, has remained a flashpoint. Israeli Prime Minister Benjamin Netanyahu has said that his troops would not withdraw from Lebanon. Hezbollah, a Lebanese Shia group which has close ties with Iran, has said it would continue to resist Israel’s military occupation.

Under the agreement, the U.S. and Iran have pledged to “respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs”. After launching the war on February 28, U.S. President Donald Trump had indirectly called for regime change in Tehran, asking Iranians to take over their institutions and telling them that they had a “once in a generation opportunity” on their hands. After announcing the MoU on June 15, Mr. Trump said he did not believe in regime change.

Once the MoU is signed, Iran and the U.S. would start negotiations on the core issues such as Iran’s nuclear programme to reach a final agreement within 60 days, “extendable by mutual consent”.

The U.S. would Immediately lift the naval blockade and Iran would allow traffic through the Strait of Hormuz to reach the pre-war volume within 30 days, “taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran”. Mr. Trump has said that traffic through the strait would be toll-free. According to Iran’s Foreign Ministry, Tehran would not impose a toll but ships will have to pay for environmental upkeep and other services.

In the draft agreement, the U.S. also agrees to “withdraw its forces from the surrounding areas within 30 days after the final agreement” — without specifying which are the surrounding areas.

“Iran reiterates that it will never produce nuclear weapons. Iran and the U.S. have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article,” reads the text.

Iran has hundreds of kilograms of highly enriched uranium. Tehran has also maintained that nuclear enrichment is a right which it would not surrender, while Mr. Trump has called for zero enrichment on Iranian soil. These contentious issues would be discussed in the next phase. Iran had pledged not to make a nuclear bomb in the 2015 agreement they reached with President Barack Obama. Mr. Trump unilaterally withdrew the U.S. from the agreement in 2018.

Two of the contentious points of the Mou are Iran’s demands for the unfreezing of its assets and reparation for the war damage. Iranian officials have said that Tehran would get immediate access to some unfrozen funds, while the Trump administration said no cash would be sent to Iran. But the leaked text says Iran would get access to the funds and financing for reconstruction, though no timeline is mentioned.

“The U.S. undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of Iran will be released and made fully available,” reads the 11th point. “The U.S. undertakes to issue all necessary permits and licenses on this basis.”

It also says the U.S., together with its regional partners, would “create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.”

Both sides have agreed that the final agreement will be approved through a binding resolution of the UN Security Council.