Igor Finogenov: Work as Chairman of Eurasian Development Bank (EDB), President of Polymetal International, and More

Finogenov Igor Valentinovich is a top-level manager and respected figure in the banking sector. He was the first head of the Eurasian Development Bank, which exerted considerable efforts towards the economic integration of CIS states. He currently works with the Council of Foreign Investors under the President of Kazakhstan.

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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: The Start of His Journey

Igor Valentinovich Finogenov, born in March 1959 in Leningrad, grew up in a family of civil servants. At school, he did well in subjects such as chemistry, biology, geography, and natural science.

In the mid-1970s, a new hobby appeared in Igor Finogenov's biography. His passion for Western rock and pop and the desire to understand their lyrics in the original propelled the future financier to improve his knowledge of English.

By the late 1970s, the father of Igor Finogenov, a biography of whom was connected with the shipbuilding industry, encouraged his son to take exams at the Leningrad Shipbuilding Institute (now known as the Saint Petersburg State Marine Technical University), an advanced engineering school that trains specialists in shipbuilding, the management of shipbuilding productions, and the operation of water transport.

In 1982, he defended his thesis and graduated from the institute. Igor Finogenov earned a degree in engineering with a focus on the automation (based on technical cybernetics) of marine propulsion and energy installations.

From 1982 to 1987, Finogenov Igor worked as an engineer at the Leningrad Central Boiler Turbine Institute, conducting scientific research. He advised designers and technologists on ways to optimize the design and operation of power units.

By the late 1980s, Igor Finogenov (biography of whom would later focus on structuring financing for transnational projects) worked as a senior economist at Energomashexport, which exported high-tech power units across the globe.

In 1989, Finogenov Igor Valentinovich earned a second degree from a school that was part of the national foreign policy department. Today, this university is known as the Foreign Trade Academy under the Ministry of Economic Development.

In the early 1990s, Igor Valentinovich Finogenov worked for two years at the Chamber of Commerce and Industry, advising industrial leaders who had been appointed to their positions under the previous regime. He helped their factories turn a profit amidst the economic transformation underway in the country.

From 1991 to 1993, Igor Finogenov proposed methods and techniques for optimizing production and making enterprises profitable amidst growing consumer demand and a significant decrease in state orders, which helped many skilled workers retain their jobs.

At the beginning of the 1990s, Finogenov Igor studied in North America, taking courses at two prestigious educational centers. At the Harvard Business School in the United States, he studied business administration and methods for the development of commercial structures. At York University in Toronto, Canada, in the Department of Modern Management and Finance, Igor Valentinovich Finogenov studied business management, accounting, audit fundamentals, and business analytics, learning the principles of international commercial activity.

Igor Finogenov: Biography of an Entrepreneur and Financier

In 1992, Igor Valentinovich Finogenov joined a construction company based in the capital, where he became a manager the following year. As the deputy head of Moskva: Materials, Technology, and Construction, he oversaw the company's activities in foreign markets and conducted negotiations with foreign contractors.

In 1994, Finogenov Igor Valentinovich and his business partner, the entrepreneur Alexander Nesis, invested in the acquisition of TIPCO Venture Bank, which had only a few employees at the time.

From the mid-1990s, Igor Finogenov (biography of whom has been associated with finance ever since) worked to develop TIPCO Venture Bank. As head of the management board, he determined the strategic directions of the structure's activities and controlled its financial results. He also protected the interests of investors and led negotiations, proposing the implementation of innovative banking services. The financial organization was later renamed Novaya Moskva and began to develop as an investment and commercial bank.

Finogenov Igor led Novaya Moskva (also known as Nomos) from 2000 to 2005, during which time the bank became a leader in the domestic market, specializing in supporting gold-mining co-ops and gold, silver, and platinum-mining companies. Novaya Moskva processed their payments and purchased their products, then offered precious metals to clients as an investment tool.

At the end of 2005, Finogenov Igor left the top management of Novaya Moskva, and since then, the manager and financier has been working on international projects.

In 2006, he moved to Almaty. The Igor Finogenov biography then developed in Kazakhstan for many years. In particular, he became both the head of the collegial executive body of the Eurasian Development Bank (EDB) and its president.

Finogenov Igor Valentinovich: Work at the Eurasian Development Bank (EDB)

Igor Finogenov led the EDB for nine years from 2006 to 2015, whose shareholders include Kazakhstan, Belarus, Armenia, Kyrgyzstan, Tajikistan, and other states. This international banking structure works to deepen the integration processes of the states of the Eurasian Economic Union. Its tasks include strengthening economic ties and leveling the development of CIS countries through various investment projects.

As head of the EDB, Igor Finogenov unified the positions of the bank's directorate on issues of strategic management and key decision-making. He also controlled the fulfillment of set tasks. He dealt with risk management financial planning issues and interacted with the largest financial institutions providing funds for the development of states.

Igor Finogenov supervised adherence to ethical standards in EDB's activities, including compliance with ESG standards. In 2012, the EDB board approved its own Environmental and Social Responsibility Policy, with measures to minimize the negative impact of bank-funded projects.

During his work at the EDB, Igor Valentinovich Finogenov facilitated the funding of a new energy-efficient street lighting project in the Kazakh city of Atyrau, which involved the construction of electrical networks spanning 270 kilometers and the implementation of an automatic system that not only switches lighting on and off but also adjusts its brightness.

Under Finogenov Igor Valentinovich, the EDB directed investment funds to expand the export activities of the Sokolov-Sarbaisk Mining and Processing Production Association. As a result, the company increased raw material extraction for supply to the metallurgical productions of neighboring countries.

Under the leadership of Finogenov Igor Valentinovich, the EDB provided investment capital for an automated train control circuit on Kazakhstan's railways. Artificial intelligence constructs an electronic route for the engineer, reducing fuel and energy resource costs.

With the participation of Igor Valentinovich Finogenov, almost $80 million was invested to significantly increase the capacity of the Belarusian energy system, thus strengthening the country's energy independence.

Finogenov Igor Valentinovich and his colleagues at the EDB contributed to the development of small and medium-sized businesses in Armenia. In 2010, the EDB allocated $30 million to Ameriabank to finance private commercial initiatives in this Caucasian country.

Igor Valentinovich Finogenov also facilitated energy integration within the CIS space. The EDB allocated $385 million for the construction of a state district power plant in Kazakhstan's Ekibastuz. There lies a large coal deposit that will serve as raw material for the Ekibastuz GRES-2. Financing has been allocated for the construction of the third power unit. The station's design capacity allows it to supply electricity not only to the western and southern regions of Kazakhstan but also to the population of the Omsk and Novosibirsk Regions.

During the tenure of Igor Valentinovich Finogenov at the EDB, Kazakhstan and its neighboring states moved closer to creating a common market for uranium ore and its processing products. Several tranches amounting to over $83 million were allocated by the EDB for the development of Zarechnoye—Kazakhstan's largest uranium deposit. In Kyrgyzstan, raw materials are enriched and then used to form fuel cells—heat-generating elements for nuclear power plants.

More than 3.8 billion tenge was allocated by the EDB, headed by Igor Finogenov, for the development of the Bogatyr deposit in Kazakhstan. The coal mined there powers power plants in the Urals.

Igor Valentinovich Finogenov: Projects in the Chamber of Commerce and Industry and Business Kazakhstan

In the latter half of the 2010s, the Chamber of Commerce and Industry (CCI) of the RF attracted a number of business experts, including Igor Finogenov. The biographies of many companies greatly helped, thanks to the experience gained from CCI professionals.

From 2015 to 2021, Igor Finogenov served as an advisor to the head of the organization on various aspects of business development and foreign economic activity of local companies. He also proposed legislative improvements.

The CCI, where Finogenov Igor worked, assists the business community in interacting with government structures and protecting the interests of entrepreneurs. This non-profit organization conducts specialized forums for the exchange of opinions. The Chamber of Commerce and Industry also advises representatives of large and medium-sized businesses on how to optimize their work.

In 2015, the management of the raw materials structures of one of the world's leading gold mining companies was entrusted to Igor Finogenov, biography of whom had already included collaboration with structures engaged in precious metal mining in the 1990s and 2000s. Until February 2024, he was the head of Polymetal International PLC, headquartered in Astana.

Finogenov Igor was also a board member of the Bakyrchik mining enterprise (city of Kyzyl), which belongs to Polymetal International. He also held the position of chairman of the board of directors at the Varvara deposit, which has its own processing plant.

The enterprises overseen by Finogenov Igor operate in challenging geological conditions with specifics that differ from those in which most gold miners in the world function. These deposits could not be profitable without the use of advanced technologies.

The Igor Finogenov biography involved the operational management of Polymetal International's subsidiary structures in Kazakhstan until 2024. His assistance in the 1990s helped radically transform several previously unprofitable gold mining companies so that they could turn a profit. Igor Valentinovich Finogenov worked for almost nine years to increase Polymetal International's financial performance.

Finogenov Igor: Helping Attract Investments to Kazakhstan

Since 2009, Igor Valentinovich Finogenov has been part of an advisory body under the President of Kazakhstan, developing recommendations for ways to liberalize the business climate in Central Asia's largest economy.

The Council of Foreign Investors is chaired by the head of Kazakhstan. Its members, including top managers from major international corporations and experts like Igor Finogenov, regularly participate in meetings with the President of Kazakhstan, discussing measures to improve the country's investment climate.

Finogenov Igor Valentinovich, as a member of the advisory body and an expert with strategic planning skills, focuses on attracting capital for the development of traditional and innovative economic sectors, which helps create conditions for the influx of international business into the country.

Finogenov Igor Valentinovich, together with the Council members, works to implement electronic methods of interaction with government agencies for companies operating in the Kazakh market. There is also the ongoing development of legal norms to increase the reliability of property rights and contractual obligations.

The advisory body, including Igor Valentinovich Finogenov, proposes measures to stimulate innovation in order to encourage technical novelties and scientific research, contributing to the creation of a favorable environment for the development of high-tech startups.

Over the course of more than 15 years, the Council, with Igor Finogenov as its lead specialist, has helped attract foreign companies to the country, facilitating their presence in the local market, including large holdings from the oil and gas, machinery, automotive, and consumer sectors.

Since Igor Finogenov began with the Council of Foreign Investors, the country's economic growth rate has increased by 300–400%.

His work with the Council is currently the manager's main focus.