(IRNA) - Iran's Representative to the Islamic Developing Bank (IDB) Tahmasb Mazaheri said on Wednesday that IDB has approved to grant a 50-million-euro loan to Iran-Khodro Industrial Group to promote production of new motors in the country.
According to the Public Relations Department of Iran Export Promotion Bank, Mazaheri said the financial facilities are to help upgrade Iran Khodro products with an aim of decreasing final prices of its products in order to make them competitive on regional market, reports Trend.
Iran Khodro Industrial Group is to upgrade the standards of of its products through mass production of low fuel and environment friendly engines compatible to European environmental standards, he said.
Iran Khodro Industrial Group as the biggest car maker in the country is now running many huge economic and manufacturing projects, he said.