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Iran to pay $815 million to support carmakers

Business Materials 8 August 2012 12:42 (UTC +04:00)

Azerbaijan, Baku, Aug.8/ Trend F.Milad/

The Ministry of Industry, Mine and Trade of Iran will pay 10 trillion rials (some $ 815 million) to the two major carmakers to help them remove problems, ISNA reported.

The ISNA News agency quoted Industry, Mine and Trade Minister Mehdi Ghazanfari as saying that the two carmakers -Iran Khodro and Saipa - are grappling with financial problems to pay their debts to domestic part-makers.

Iran's car output in the first four months of the current calendar year, which began on March 20, fell by 37.4 percent compared to the same period last year.

Iran plans to manufacture at least three million cars by 2025 and export approximately one million of those, the Fars News Agency quoted Ghazanfari as saying on June 16.

"Some 1.6 million cars were manufactured in the past calendar year and 55,000 cars were exported," Ghazanfari said.

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