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Iranian carmaker to get billion dollar bailout
- Iran: Thursday, July 30 - 2009 at 10:41
The Iranian government has prepared a $1bn rescue package for Iran Khodro Company, the Middle East's biggest car manufacturer, Reuters has reported. Half of the aid will be available 'within days', while the remainder will be paid after the sale of Iran Khodro's shares in Parsian Bank, Jamshid Imani, deputy director of IKCO told the news service. IKCO owns one-third of the bank's shares with an estimated value of about 2,000 billion rials ($200m).
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