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Iran Khodro, French BNP ink financial cooperation deal

Tehran, Aug 28, IRNA -- Iran Khodro Co., Iran's biggest car manufacturing company, and France's BNP signed a contract for financial cooperation, the English-language Tehran Times daily wrote on Saturday.

The contract was signed by Iran Khodro's Deputy Managing Director for Economic and Financial Affairs Dr. Reza Raei and BNP's representative, J. Frank.

Speaking at the contract-signing ceremony, Raei said that Iran Khodro is the first Iranian industrial company that has succeeded in entering the global financial markets.

Iran Khodro, through the deal, will gain global credit ranking through an international institute in cooperation with BNP, he added.

The major results of gaining international ranking for Iran Khodro is that the company can make use of the accredited bank's facilities at very low interest rates, Raei said, adding that these facilities would be used to implement two production lines for its L90 and a model of Benz.

With the issuance of Iran Khodro securities in Asian and European financial markets in the near future, he said his company was hopeful its shares in the Tehran Stock Exchange would rise.

It would help Iran Khodro, the largest car manufacturer in Iran and the Middle East, reduce its dependence on governmental financial resources, he said.

BNP will take charge of issuing the securities, Raei added.

"To gain more national trust and international credit, Iran Khodro's book of financial statements will soon be audited by an international auditing company," Raei concluded.

... Payvand News - 8/28/04 ... --

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