The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Afiq Fitri Alias

LONDON, July 3 (Reuters Breakingviews) - A US-mooted reconstruction vehicle echoes attempts a decade ago to attract capital to the Islamic Republic. Yet despite more stable conditions, that investment fizzled out. Tapping Gulf state cash in return for a security pact with Iran is only slightly more likely to work.

CONTEXT NEWS:

The United States and Iran's memorandum of understanding, signed on June 17, envisages a $300 billion reconstruction and development programme for Iran, and broad sanctions relief once a final deal is signed.

A source with direct knowledge of the talks said that more than half of the planned funding has already been committed by companies from the Gulf, Asia, South America, Africa and the United States, Reuters reported on June 16.