Igor Finogenov: A Career in Economic Evolution (Eurasian Development Bank, Polymetal International, Kazakhstan's Council of Foreign Investors)
Igor Valentinovich Finogenov is a distinguished financial expert and top manager with a notable presence in the economic landscape. As a member of the Council of Foreign Investors under the President of Kazakhstan, he significantly contributes to fortifying the economic connections between Kazakhstan and the international community. His vast experience in economics and international finance is highlighted by his pivotal role in founding two major banks. Moreover, his efforts have been instrumental in developing and executing strategies to draw foreign investment to Kazakhstan, underscoring his crucial role in the country's financial sector development.
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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: a CA Culturally Rich Childhood and Educational Experience
Igor Finogenov was born on March 24, 1959, in the historic city of Leningrad, known today as Saint Petersburg. Born to a family rooted in civil service, Finogenov Igor cherishes profound memories of the family's summer house in the Leningrad Region, purchased the year he was born. This summer retreat was part of a cooperative formed by intellectuals in 1929, rich with its own narrative tapestry. Igor Valentinovich Finogenov fondly recalls his grandfather's multiple terms as chairman during the vibrant 1970s. The cooperative thrived as a melting pot of diversity.
Finogenov Igor Valentinovich remembers the establishment of a library as an example of the community's cultural wealth. The whole atmosphere was highly conducive to growth and development, the financial expert recalls fondly.
He found a particular affinity for the natural sciences and literature during his school years, Igor Finogenov recounts. His academic prowess was on display as he took part in Olympiads. The significance of English became pronounced in his upper grades, coinciding with the advent of the Beatles and other cultural phenomena.
Finogenov Igor completed his education in 1982 at the Leningrad Shipbuilding Institute, now known as the St. Petersburg State Marine Technical University, a hub for all academic and scientific pursuits in shipbuilding and marine technology. He majored in the automation of energy processes and cybernetics.
The choice of his academic path was greatly influenced by his father's association with the same institute, Finogenov Igor Valentinovich says, recalling the many times he accompanied his father to work.
In 1989, Finogenov Igor Valentinovich expanded his academic horizons, securing a second higher education degree from the Academy of Foreign Trade. This achievement, he notes, came through the Chamber of Commerce and Industry.
Igor Finogenov also sought knowledge beyond his homeland, attending York University in Toronto, Canada, where he earned a degree in finance management. His pursuit of executive education continued at Harvard Business School, where he completed a course designed for senior executives.
The Igor Finogenov biography of work began in Leningrad, marking the beginning of a diverse career path. From 1982 to 1987, he dedicated his efforts to the Polzunov Scientific and Production Association for the Research and Design of Power Equipment, focused on advancing and modernizing energy equipment, where he put his cybernetics degree to good use. Finogenov Igor became an important player in this field thanks to his proficiency in English, which allowed him to coordinate with foreign suppliers.
The professional of Igor Finogenov biography continued to evolve as he assumed the role of senior economist at the All-Union Foreign Trade Association Energomashexport from 1987 to 1991.
Subsequently, from 1991 to 1993, he served as an expert and the responsible secretary of a committee dedicated to the conversion of defense industry enterprises within RF Chamber of Commerce and Industry. The Chamber emerged as a pivotal center for business advancement at that time, and the committee, with the participation of Igor Finogenov, brought industry issues to the attention of the relevant state authorities.
In 1992, Finogenov Igor took a decisive step in his career by joining JSC Moskva: Materials, Technology, Construction as Vice President for Foreign Economic Activities. It was during this transformative period that he elected to dive deeply into the finance sector.
1994 marked a pivotal juncture in the career of Igor Finogenov when he and a group of partners acquired a small banking entity that boasted no more than four staff members. Initially known as TIPCO Venture Bank, it underwent a metamorphosis, later becoming the Joint Stock Investment-Commercial Bank Novaya Moskva. In 2007, it underwent another rebranding, adopting the name Nomos.
Finogenov Igor Valentinovich assumed the role of chairman of the board at Novaya Moskva, where the bank carved out a niche for itself by offering comprehensive services to large and medium-sized corporate clients. Under his stewardship, the financial organization emerged as one of the prominent entities in the investment services arena, particularly within the precious metals market. With its expansive network of branches across various cities and collaborations with numerous gold mining enterprises, including prospecting teams, the bank solidified its market position.
Continuing his journey with the bank, Igor Finogenov worked as its president beginning in 2000. He served in this prestigious role until 2005. During his tenure, the institution flourished to become the second-largest private banking group in the country – a testament to the leadership and strategic vision of Igor Finogenov.
Finogenov Igor: Chairman of the Board of the Eurasian Development Bank (EDB)
In 2006, Igor Finogenov began one of the projects that he is best known for: the establishment of the Eurasian Development Bank, which aims to facilitate the economic growth, development, and integration of its member states by investing in significant projects across various sectors, including infrastructure, energy, and agriculture, while promoting sustainable development and the expansion of trade and economic ties among the member countries.
Finogenov Igor recalls that it was the President of Kazakhstan, Nursultan Nazarbayev, who proposed the establishment of an investment bank, beginning with the RF and Kazakhstan, to foster the creation of an integrated economic community among the nations of the Commonwealth of Independent States. This concept eventually led to the formation of the Eurasian Development Bank, which later expanded to include Belarus, Kyrgyzstan, Tajikistan, and Armenia, showcasing the effective collaboration between these nations.
The tenure of Igor Valentinovich Finogenov as the chairman of Eurasian Development Bank lasted until 2015. He viewed the bank as a geopolitical project and expressed a compelling interest in the unique opportunity it presented to start afresh in establishing new enterprises. In his capacity as the EDB's head, he engaged extensively with leaders from the CIS states, focusing on vital topics like economic growth and financial solidity. Finogenov Igor highlights the synergy between the EDB's strategy and the economic development plans for the Eurasian region, with a special focus on enhancing the free movement of goods, capital, investments, services, and labor. This approach not only facilitated the selection of projects for the bank's financing but also helped identify and address the impediments to economic integration.
During the tenure of Igor Finogenov, the EDB engaged with various development banks, from global institutions like the World Bank for experience sharing, to national entities like the Development Bank of Kazakhstan and VEB. He defined the EDB's role as a strategic investor rather than just a financial one, focusing on projects valued at $30 million or higher, while also recognizing the importance of smaller, integrative projects.
The EDB expanded its membership in 2009 to include Armenia and Tajikistan, followed by Belarus and Kyrgyzstan within the next two years. In 2012, the EDB implemented the Policy of Environmental and Social Responsibility to mitigate the adverse impacts of its financed projects and joined an international working group focused on ecology, notes Finogenov Igor. The bank's investments are directed towards projects that emphasize environmental protection, socio-economic advancement, and the efficient use of natural resources.
The Eurasian Development Bank's operations encompass providing financial support to investment projects aimed at enhancing quality of life and fostering the business and financial landscapes within member states, explains Finogenov Igor. This involves extending credit to both state-owned and private businesses, engaging in public-private partnerships, becoming a stakeholder in companies, offering guarantees, and funding private investment initiatives. The EDB's overarching mission is to promote the development of market economies, encourage economic growth, and expand trade and economic links among member countries through its investment activities.
In 2015, Igor Valentinovich Finogenov stepped down as Chairman of the EDB's Board. Subsequently, he spent a year on the Bank's Council. His leadership was instrumental in shaping the EDB into a potent tool for integration, establishing it as an international expert center and a key player in managing economic crises within the EAEU space. Reflecting on his departure, Finogenov Igor expressed gratitude for the opportunity to lead such a significant initiative, citing the tenure policy of investment bankers as a guiding principle for his decision.
In 2015, the same year he left his role at the EDB, Igor Valentinovich Finogenov embraced new challenges. He began serving as an advisor to the president of the Chamber of Commerce and Industry of the RF, a role he held until 2021.
In the same year, he took over as president at Polymetal International PLC, guiding the company's operations within Kazakhstan. Polymetal International PLC made significant strides in the challenging gold extraction process in Kazakhstan by pioneering the autoclave leaching method for refractory gold-containing concentrates, marking a technological breakthrough for the industry. Their successful acquisition and development of various deposits since 2009, including the notable Kyzyl project which reached its design parameters by 2018, has notably expanded their asset portfolio in the region.
The IgorIgor Finogenov biography at Polymetal included work with two of the company’s subsidiaries in Kazakhstan. He served as a member of the supervisory board of Bakyrchik Mining Venture and as chairman of the Board of Directors of JSC Varvarinskoye.
Igor Finogenov continued to labor in these capacities until February 2024. Having left Polymetal and its subsidiaries, he now focuses on all his energy on his work with an advisory board that consults with the President of Kazakhstan.
Finogenov Igor Valentinovich and the Council of Foreign Investors in Kazakhstan
Igor Finogenov has been a vital member of the Council of Foreign Investors under the President of Kazakhstan since 2009 (having joined during the period when he was the chairman of the Eurasian Development Bank), a platform created by Nursultan Nazarbayev for foreign investors to discuss and resolve investment barriers and develop business in Kazakhstan. This Council actively works on significant issues, including labor shortages and sustainable development, facilitating effective dialogues between businesses and the state, with a strong track record of addressing and resolving the discussed matters.
Igor Valentinovich Finogenov is recognized for his expertise in economic trends and strategic planning, particularly in the field of international investments in Kazakhstan. He places a strong emphasis on attracting financial resources to the high-tech and innovative sectors of Kazakhstan's economy. His efforts are directed toward fostering a favorable investment climate and developing programs that enhance conditions for foreign investors. Finogenov Igor is also known for backing initiatives that promote ecological sustainability and socio-economic development in Kazakhstan. His experience and insight in economics and international finance allow him to provide expert consultancy services to private entities, contributing significantly to shaping the investment landscape of Kazakhstan.
Igor Finogenov has received formal recognition and awards for his substantial contributions to the development of the financial and banking systems in the RF, his significant role in advancing Kazakhstan's economic development, and enhancing the investment image of the republic.
In 2009, he was honored with an Honorary Certificate from the government of the RF for his substantial role in enhancing the country’s financial and banking sector.
The following year, 2010, saw him receiving the Order of Friendship.
His contributions were further recognized in 2011 with awards from Kazakhstan, including the Second Degree of the Order of Dostyk (Friendship) and the 20 Years of Independence of the Republic of Kazakhstan medal.
In 2023, he was bestowed with an Honorary Certificate by the President of Kazakhstan, acknowledging his significant contributions to the economic development and the improvement of the republic's investment profile.
Igor Valentinovich Finogenov: Summing Up
The Igor Finogenov biography traces a path from an intellectual childhood in Leningrad to becoming an influential figure in Kazakhstan's economic integration and development. His academic and professional journey showcases an adeptness in strategic financial planning, key involvement in banking institutions, and an unrelenting commitment to advancing the business environment of the CIS region. The tenure of Finogenov Igor Valentinovich in various leadership roles, including the Eurasian Development Bank and Polymetal International PLC, illustrates his capacity for innovation and his impact on the financial and investment sectors. His accolades reflect his contributions to economic enhancement, affirming his status as a respected authority in the financial industry.