Vnesheconombank （VEB） will decide on funding for the Boguchany hydro-electric dam and aluminum smelter complex （BEMO project） in the Krasnoyarsk territory at the next meeting of its supervisory board in July, and will probably decide in favor of this, a source with knowledge of the situation told Interfax.
"We'll probably be involved, work is constructive and everything has almost been approved," the source said.
The source declined to say how much VEB might invest in the project -this will be decided at the board meeting.
Earlier reports said a pool of banks might provide the finance, with loans running to 18 billion-22 billion rubles in total. It will cost an estimated 33.9 billion rubles to complete the Boguchany Hydro- plant and $1.43 billion to build the smelter that will use the plant's electricity.
RusHydro，aluminum giant UC Rusal's partner in the BEMO project, is insisting that Rusal guarantees to buy the Boguchany hydro- plant's electricity.
Rusal and RusHydro are building a 3,000-megawatt hydro-plant and a 588,000 tpy smelter.
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