This is what it looks like when FIC negotiates regional stability while MIC extracts what it can as the forever war winds down But the devil is in the detail PACT is only a proposal No money appears to have been committed and no shareholders governance rights or investment terms have been disclosed The US Development Finance Corporation is not privately owned It is a US government agency controlled by a board containing the secretaries of State Treasury and Commerce its presidentially appointed CEO and private sector directors Here is what I will be watching if it materialises. Is the US contribution funded through congressional appropriations Treasury borrowing DFC equity loans or guarantees? Do the eight regional partners receive ownership and voting rights proportional to their contributions? Who controls the investment committee and selects the projects? Who absorbs the first losses if Iran destroys the infrastructure again? Who owns the pipelines refineries and project companies after reconstruction? Are contracts tied to US engineering energy security and technology companies? Does DFC use public money to bring in FIC infrastructure funds banks insurers and private credit? These details determine what PACT actually is If the Gulf supplies half the capital while Washington controls allocation US companies receive the contracts and private capital captures the assets then this is not simply reconstruction It is Gulf and US public money de-risking a US-controlled FIC investment platform If the regional contributors receive proportional governance local ownership and the economic returns then it is closer to genuine sovereign co-investment War has two revenue cycles MIC profits from destroying and securing the infrastructure FIC profits from financing insuring and owning what replaces it The announcement is the headline The capital structure will tell us who really benefited and who really won the war I will keep following the money if PACT materialises If the previously reported $300bn Iran reconstruction proposal eventually materialises too, despite the public denials that will tell us even more about the truth behind the theatre and propaganda.