Rusal and RusHydro have been approved RUR50bn ($1.7bn) from Vnesheconombank to complete construction of the Boguchansk Energy and Metals Complex.

Vnesheconomebank will pro-vide a loan to Boguchanskaya Hydropower Plant of RUR28.1bn ($941.9M) to build the plant.

The bank will lend a further RUR21.91bn ($734.4M) to Boguchansky Aluminium Smelter (BoAZ) to complete construction of the first phase of the 600kt/y smelter and infrastructure.

The first phase of BoAZ is 30% complete. Construction works will resume later this month (September). Start-up of the complex is planned for 2013.

The complex includes constr-uction of a 3000MW hydropower plant on the Angara River and the building of the aluminium smelter.

Successful completion of the project will secure power supply for the Lower Angara region and stimulate development of new production capacities plus rail and road transport.

The two companies had originally signed an agreement in June 2006 for the complex.