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Iran in $200m Deal to Make Minibuses in Egypt-Report

TEHRAN, Nov 2 (Reuters) - Iranian auto maker Zamyad will make 1,000 minibuses in Egypt in a deal worth $200 million, the official IRNA news agency reported on Thursday. Zamyad has set up a production facility in Eqypt and will produce the vehicles over five years, IRNA said.

The move is the latest development in a slowly improving relationship between the two countries.

Iran broke ties with Egypt after the 1979 Islamic revolution, when the late Ayatollah Ruhollah Khomeini denounced Egypt's president Anwar Sadat for signing the Camp David peace accords with Israel.

But the two countries have slowly bettered relations over the past few years. A group of influential Iranian politicians recently created an Iran-Egypt friendship society but hardliners in both countries are wary of improved ties.

A gang of extremists attacked the offices of the society in Tehran earlier this year and opponents in Cairo are also pushing for a delay in the full restoration of ties.


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