Vnesheconombank will finance construction of new aluminium plant

The agreements were signed in the presence of Krasnoyarsk Territory Governor Lev Kuznetsov and Board Chairman of United Company Rusal Oleg Deripaska.

A credit agreement between Vnesheconombank and CJSC the Boguchan Aluminum Plant was signed to implement the Boguchan aluminum plant construction project. Under the Agreement Vnesheconombank is to provide funds worth 21.9 billion rubles to CJSC the Boguchan Aluminum Plant to finance this project. The total amount of investments to commission the first stage of the plant with a capacity of 147 thousand tons of metal per year is 33 billion rubles.

A Credit Agreement signed between Vnesheconombank and OJSC the Boguchan Hydropower Electric Plant provides for Vnesheconombank to extend credit resources worth 28.10 billion rubles to finance the project aimed at completing the construction of the Boguchan hydropower electric plant with an installed electric capacity of MWe. The project’s initiators are United Company Rusal and OJSC RusHydro.

The projects to construct the Boguchan aluminum plant and complete the construction of the Boguchan hydropower electric plant are included in the project The Boguchan Energy and Metallurgical Complex (the BEMO project) and are being implemented under the Federal Program "The Comprehensive Development of the Lower Angara Area" aimed at developing the Lower Angara Area’s industrial potential on the basis of creating and expanding transport and energy infrastructure, developing natural resources and building industrial facilities with the use of public-private partnership mechanisms. The Program provides for co-financing infrastructure facilities through budgetary allocations of the Russian Investment Fund.

The projects’ implementation would make it possible to produce a significant economic effect from the construction and subsequent operation of these projects and would create new jobs and generate additional tax revenues for the regional budget.

Vnesheconombank’s participation in these projects was approved by the Supervisory Board.

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