IKCO announces scrappage scheme

Business Materials 30 December 2009 12:25 (UTC +04:00)

Giant carmaker Iran Khodro Company has announced a plan for replacing up to 40,000 old cars with new ones through issuing bonds.

Ali Mehri the deputy IKCO director for economic affairs told the Mehr News Agency that the plan would cost 4.8 trillion rials (about $480 million), of which $280 million would be secured through issuing bonds.