From GMM

The French carmaker Renault, who competes in the FIA formula one world championship with a team based at Enstone (UK), will receive a government cash injection amid the global financial crisis.

As well as Peugeot-Citroën, Renault is to receive 3 billion euros, in exchange for the manufacturers' pledge to keep factories open and workers in jobs, and to develop a new breed of environmentally friendly vehicles, French president Nicolas Sarkozy announced.

"This is not a gift. It is not a subsidy. It is a loan offered at an interest rate of 6 per cent," Sarkozy insisted.


Photo Credit : Renault