Plan to Inject $650m in Ailing Auto Industry

There are plans to finance the loss-making auto industry to the tune of 150 trillion rials ($650 million), the governor of the Central Bank of Iran said. 
Abdolnasser Hemmati made the announcement on Saturday in a visit to Iran Khodro Company (IKCO), the largest domestic carmaker that has long been under strong criticism for low quality cars and high prices. 
Fifty trillion rials ($215 million) will be procured directly from  banks, according to a press release posted on the CBI website. Hemmati said the newly developed financial instrument, known as Gam, will be the largest contributor. 
Gam is the Persian acronym for Productive Credit Certificate designed by the CBI to help meet the funding needs of “credible and productive” manufacturing units and businesses.