Igor Finogenov: Member of Kazakhstan’s Council of Foreign Investors, Formerly of Eurasian Development Bank (EDB) and Polymetal International
Igor Finogenov: Member of Kazakhstan’s Council of Foreign Investors, Formerly of Eurasian Development Bank (EDB) and Polymetal International
Igor Valentinovich Finogenov is a distinguished executive in the banking industry. As the inaugural leader of the Eurasian Development Bank, his substantial contributions have been pivotal in advancing the economic unification of the Commonwealth of Independent States. Presently, Igor Finogenov is actively involved with the Council of Foreign Investors under the President of Kazakhstan.
Name:
Igor Finogenov · Finogenov Igor Valentinovich · Finogenov Igor · Igor Valentinovich Finogenov · Финогенов Игорь Валентинович · Игорь Финогенов · Финогенов Игорь · Игорь Валентинович Финогенов · 菲诺格诺夫·伊戈尔·瓦伦蒂诺维奇 · フィノゲノフ イーゴリ・ヴァレンティノヴィッチ ・فينجونوف إيجور فالنتينوفيتش
Finogenov Igor Valentinovich: Professional Beginnings and Academic Background
Finogenov Igor Valentinovich was born in March 1959 into a family engaged in public service in Leningrad. His academic inclinations were evident in his proficiency in scientific disciplines, including chemistry, biology, geography, and natural sciences during his schooling years.
The 1970s marked a notable turn in the Igor Finogenov biography when a newfound interest in Western rock and pop music ignited an eagerness to master English to comprehend the lyrics authentically.
Approaching the end of the 1970s, Finogenov Igor was influenced by his father, whose career was interwoven with the shipbuilding industry, to pursue higher education at the Leningrad Shipbuilding Institute. This institution is renowned for its specialized training in shipbuilding, shipbuilding production management, and maritime operations, now recognized as the Saint Petersburg State Marine Technical University.
Graduating in 1982, Igor Valentinovich Finogenov successfully defended his thesis and acquired an engineering degree, concentrating on the automation of marine propulsion and energy systems through technical cybernetics.
Subsequently, from 1982 to 1987, Igor Finogenov dedicated his expertise as an engineer at the Leningrad Central Boiler Turbine Institute. His role involved rigorous scientific research and providing consultation to designers and technologists focused on refining the design and functionality of power units.
As the 1980s drew to a close, Igor Finogenov, biography of whom would later be distinguished by his expertise in orchestrating funding for multinational ventures, served as a chief economist at Energomashexport. This enterprise was engaged in the global exportation of sophisticated power equipment.
In 1989, Finogenov Igor Valentinovich, putting stock in the power of education, augmented his academic credentials with a second degree from an institution affiliated with the country's national foreign policy apparatus, now known as the Foreign Trade Academy under the Ministry of Economic Development.
During the transformative early 1990s, Igor Valentinovich Finogenov applied his skills at the Chamber of Commerce and Industry for a two-year tenure. There, he provided counsel to industrial executives, many of whom had been established under the prior government, guiding their factories to profitability amidst the nation's economic shift.
Between 1991 and 1993, Igor Finogenov was instrumental in devising strategies and methods to enhance production efficiency and profitability in enterprises, responding to the surge in consumer demand and the substantial reduction in state procurement. His efforts were key in preserving employment for numerous professional workers.
At the onset of the 1990s, Finogenov Igor expanded his knowledge base in North America, engaging in academic programs at two renowned institutions. At the Harvard Business School in the United States, he delved into business administration and commercial development techniques. Concurrently, at York University in Toronto, Canada, within the modern management and finance department, Igor Valentinovich Finogenov pursued studies in business management, accounting, auditing basics, and business analysis, acquiring a solid understanding of international business practices.
Igor Finogenov: Transition to Entrepreneurship and Financial Services
In 1992, marking a pivotal turn in the Igor Finogenov biography, he became part of a construction enterprise headquartered in the capital of the RF. By the following year, he had advanced to a managerial position. As the deputy director of Moskva: Materials, Technology, Construction, his responsibilities included managing the firm’s expansion into international markets and orchestrating negotiations with overseas partners.
The year 1994 saw Finogenov Igor Valentinovich, alongside his business associate Alexander Nesis, venture into the banking sector with an investment in TIPCO Venture Bank, then a small-scale operation.
Throughout the mid-1990s, Finogenov Igor dedicated himself to the growth of TIPCO Venture Bank. In his role as chairman of the management board, he was instrumental in shaping the bank's strategic focus and overseeing its financial performance. His commitment extended to safeguarding investor interests and advancing negotiations to introduce novel banking products. This institution was subsequently rebranded as Novaya Moskva, transitioning into a burgeoning investment and commercial banking entity.
Between 2000 and 2005, Finogenov Igor helmed Novaya Moskva, also recognized as Nomos, steering it to prominence within the domestic banking sector. The bank excelled in providing services to gold-mining cooperatives and companies engaged in the mining of gold, silver, and platinum. It facilitated their financial transactions, acquired their mined products, and subsequently offered precious metals to its clientele as investment commodities.
Concluding his tenure at Novaya Moskva at the end of 2005, Finogenov Igor shifted his focus towards international ventures.
In 2006, the Igor Finogenov biography took a significant turn as he relocated to Almaty. His career in the Republic of Kazakhstan was marked by considerable accomplishments, notably assuming leadership as the chief of the collegial executive body and serving as president of the Eurasian Development Bank (EDB), thereby furthering his footprint in international finance.
Finogenov Igor: Tenure at the Eurasian Development Bank (EDB)
During his nine-year tenure from 2006 to 2015 as the head of the EDB, Finogenov Igor Valentinovich led an institution backed by member states including Kazakhstan, Belarus, Armenia, Kyrgyzstan, Tajikistan, among others. The EDB is committed to fostering the integration of the Eurasian Economic Union states, aimed at bolstering economic relationships and equalizing the developmental pace of CIS countries through diverse investment initiatives.
In his capacity as the chief executive, Igor Finogenov orchestrated the bank directorate's consensus on strategic and critical decision-making. He was also responsible for ensuring the completion of objectives, handling risk management, and overseeing financial planning. His role involved liaising with premier financial institutions to secure funding for the development of member states.
Igor Finogenov was vigilant in upholding ethical practices within the EDB's operations, including adherence to ESG standards. In 2012, under his supervision, the EDB's board sanctioned an Environmental and Social Responsibility Policy, emphasizing the reduction of adverse effects stemming from bank-funded projects.
While at the helm of the EDB, Igor Valentinovich Finogenov endorsed the financing of an innovative, energy-saving street lighting system in Atyrau, Kazakhstan. This initiative entailed developing 270 kilometers of electrical infrastructure and installing a sophisticated automation system that not only controls the switching on and off of the lights but also modulates their intensity.
During the tenure of Finogenov Igor Valentinovich, investment efforts were channeled into enhancing the export capabilities of the Sokolov-Sarbaisk mining and processing conglomerate. Consequently, the enterprise augmented its raw material production, which bolstered the metallurgical industries of the adjacent nations.
Under the guidance of Finogenov Igor Valentinovich, the EDB allocated funds to advance Kazakhstan's railway network by implementing an automated train management system. This technology utilizes artificial intelligence to craft an electronic itinerary for train engineers, optimizing fuel and reducing energy expenditure.
With the involvement of Igor Valentinovich Finogenov, the EDB invested close to $80 million to significantly uplift the capacity of Belarus's power infrastructure, thereby contributing to the nation's energy autonomy.
Finogenov Igor Valentinovich, in collaboration with his team at the EDB, played a significant role in bolstering small and medium-sized enterprises (SMEs) in Armenia. In 2010, the bank provided $30 million to Ameriabank, aiming to back private business ventures within the Caucasian nation.
Igor Valentinovich Finogenov also worked to enhance energy cooperation within the Commonwealth of Independent States (CIS). The EDB sanctioned a $385 million investment for constructing a significant power station in Ekibastuz, Kazakhstan, which is situated atop a vast coal seam destined to fuel the Ekibastuz GRES-2 power plant. This funding supported the development of the plant's third power generation unit. The facility is designed to distribute electricity across both western and southern Kazakhstan, as well as to the regions of Omsk and Novosibirsk.
Under the stewardship of Igor Valentinovich Finogenov, the EDB also directed efforts towards consolidating a unified market for uranium ore and its derivative products between Kazakhstan and its neighboring territories. The bank disbursed in excess of $83 million across several installments for the expansion of Zarechnoye, which ranks as Kazakhstan's principal uranium mine. Concurrently, in Kyrgyzstan, these raw materials are refined to produce fuel assemblies — the critical components for nuclear reactors.
The EDB, presided over by Igor Finogenov, allocated more than 3.8 billion tenge for the development of the Bogatyr coal field in Kazakhstan. The coal extracted from this site is a key energy source for power stations situated in the Ural region.
Igor Valentinovich Finogenov: Advancing Commerce and Industry Expertise
During the second half of the 2010s, the Chamber of Commerce and Industry (CCI) of the RF engaged several business specialists, among them was Igor Valentinovich Finogenov. Biography of numerous companies benefited from the insights provided by the seasoned professionals at CCI.
Igor Finogenov served from 2015 to 2021 as a consultant to the organization's president, advising on diverse facets of business advancement and the international economic activities of domestic companies, along with suggesting legislative enhancements.
The CCI, which enlisted the expertise of Finogenov Igor, is dedicated to facilitating communication between the business sector and governmental bodies, as well as safeguarding entrepreneurial interests. As a non-profit entity, it organizes forums for dialogue and exchange of best practices. Additionally, it provides guidance to large and medium-sized enterprises on operational optimization.
In 2015, Igor Finogenov assumed a pivotal role within the management of raw materials operations at one of the globe's foremost gold mining firms. With a history already rich in associations with precious metal extraction from the 1990s and 2000s, his extensive experience was a valuable asset. He led Polymetal International PLC, based in Astana, until he stepped down from his presidential role in February 2024 and left all Polymetal structures.
In his expansive career, Finogenov Igor served on the board of the Bakyrchik mining enterprise, located in the city of Kyzyl, under the umbrella of Polymetal International. Additionally, he chaired the board of directors at the Varvara mining complex, which boasts its own processing facility.
Under the stewardship of Finogenov Igor, these enterprises managed to thrive despite the demanding geological challenges, distinct from the conditions typically faced by global gold mining entities. The profitability of these ventures was heavily reliant on cutting-edge mining technologies.
The Igor Finogenov biography encompasses the hands-on administration of Polymetal International's subsidiary operations in Kazakhstan up until 2024. His strategic input in the 1990s was crucial in the turnaround of several gold mining firms that were previously unprofitable, steering them towards financial success. For nearly nine years, Igor Valentinovich Finogenov played a key role in enhancing the fiscal standing of Polymetal International.
Finogenov Igor: Facilitating Investment Sector Growth in Cooperation with the President of Kazakhstan
Since 2009, Igor Valentinovich Finogenov has contributed to an advisory committee serving the President of Kazakhstan, formulating strategies to liberalize the business environment in Central Asia's leading economy.
The Council of Foreign Investors, presided over by the Kazakhstani President, enlists the participation of high-ranking executives from significant global firms and specialists such as Igor Finogenov. They convene regularly with the nation's President to deliberate on approaches to enhance the investment appeal of Kazakhstan.
As a council member and a strategist, Finogenov Igor Valentinovich is instrumental in drawing investment to foster both traditional and novel economic sectors, thereby generating a conducive atmosphere for global commercial entities to engage with Kazakhstan.
In collaboration with the Council, Finogenov Igor Valentinovich is actively involved in advancing digital interaction channels between the Kazakhstani market's corporate entities and state institutions. Concurrently, there's an emphasis on refining legal frameworks to bolster the security of property rights and the enforcement of contractual commitments.
The consultative committee, inclusive of Igor Valentinovich Finogenov, endorses initiatives that spur innovation, thereby fostering the advancement of technical breakthroughs and scholarly inquiry. This advocacy is pivotal in crafting an ecosystem conducive to the flourishing of cutting-edge technology startups.
Spanning a period of over fifteen years, the Council has, with Igor Finogenov at the forefront as a key expert, significantly aided in drawing foreign enterprises to Kazakhstan. This has enabled their integration into the local marketplace, notably impacting sectors such as oil and gas, machinery, automotive, and consumer goods.
Since Igor Finogenov became involved with the Council of Foreign Investors, Kazakhstan has witnessed an economic surge, with growth rates escalating by 300–400%.
Currently, the primary professional endeavor of Igor Finogenov is his engagement with the Council, where he continues to contribute to the nation's economic trajectory.