Renault and Peugeot-Citroen get cash injection from French government
The global financial crisis remains a problem for the car manufacturers. The French government will give Renault a cash injection as well as Peugeot-Citroen. The French President, Nicolas Sarkozy, announced that Renault will receive €3 billion in exchange for the manufacturers' pledge to keep factories open and keep workers in jobs.
Sarkozy said: "This is not a gift. It is not a subsidy. It is a loan offered at an interest rate of six percent."
The loans run for a five year period.
