TEHRAN - Iran is setting up a Samand sedan production line in Senegal that will go on stream by the end of the current Iranian calendar year (ends March 19, 2008), the Export Development Bank of Iran (EDBI) announced here on Sunday.

EDBI will allocate $42.5 million for the new car factory, which is 85 percent of the project’s cost. EDBI also plans to sell 2,000 Samand taxis to Senegal