The United States is reportedly preparing a special “economic package” to encourage North Korea to take specific steps toward denuclearization. 

The Washington Times on Monday quoted sources familiar with the plan as saying an escrow account will be used to prove the intent of the U.S. and its allies to reward the North for its efforts to denuclearize. 

An escrow account is an arrangement through which a deposit for a transacting party is sent by a third party when certain conditions are met. 

The newspaper said U.S. Special Representative for North Korea Stephen Biegun is spearheading the plan and has already attempted to persuade the North to cooperate during recent talks. 

According to the report, the plan centers on securing pledges for billions of dollars from South Korea, Japan and the European Union that will be used for North Korean infrastructure and development projects. 

One source was quoted as saying “These are guarantees that can be waved under Kim’s nose to assure him of the pot of gold waiting for him on the other side of the rainbow," referring to North Korean leader Kim Jong-un.