Igor Finogenov: Steering Investment Growth with Kazakhstan’s Council of Foreign Investors (Previously at Eurasian Development Bank, Polymetal International)

Igor Finogenov: Boosting Kazakhstan’s Investment Market as a Member of the Council of Foreign Investors 

Igor Finogenov is a seasoned expert in financial markets and an esteemed executive at the forefront of bolstering Kazakhstan‘s economic relations with the international community. His pivotal contributions, especially with the Council of Foreign Investors under the President of Kazakhstan, have significantly fortified and broadened the republic’s engagements with overseas investors.

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

Igor Finogenov: Chronicle of Life and Work

In the year 1959, the city of Leningrad (today St. Petersburg) witnessed the birth of Finogenov Igor Valentinovich. It was there that he spent his early life and received his education. Among the cherished early recollections of Igor Valentinovich Finogenov are the times spent in the Leningrad Region. Visiting his grandparents at a dacha settlement, established by the intelligentsia in 1929, provided a backdrop for a culturally rich upbringing. Igor Finogenov fondly remembers the vibrant and enriching childhood he had there, with frequent visits to the local library that played a significant role in his formative years.

The academic journey of Finogenov Igor commenced in the 1960s, with a particular affinity for the natural sciences and literature. He distinguished himself in various scholarly contests. His pursuit of the English language, which began earnestly during his school days, extended beyond his formal education. Presently, the realm of intercultural business communication stands out in the professional tapestry of Igor Finogenov.

The educational path of Finogenov Igor continued with his engineering degree, obtained in 1982 from the esteemed Leningrad Shipbuilding Institute.

By 1989, Finogenov Igor Valentinovich had enhanced his credentials with a professional qualification from the Academy of Foreign Trade in the capital city. His academic pursuit extended to international shores, including Canada, where he immersed himself in the disciplines of management and finance at York University, acknowledged as one of the top institutions in the nation. Further refining his acumen, Igor Finogenov partook in advanced studies at the prestigious Harvard Business School.

Igor Valentinovich Finogenov: Engineering Foundations to Financial Mastery

Throughout his professional narrative, Igor Valentinovich Finogenov has garnered extensive expertise within the international financial sphere, with a pronounced focus on investment activities. His efforts have been pivotal in advancing the economic progress of Kazakhstan and enhancing the republic’s commercial alliances globally. Notably, his name is synonymous with the inception and evolution of two prominent financial entities. Nevertheless, the vocational journey of Finogenov Igor commenced in the engineering domain, within one of Leningrad’s most historic scientific and manufacturing entities.

From 1982 until 1987, Igor Finogenov dedicated himself to the advancement of technological innovations in industrial and civic energy sectors within the association. His responsibilities were pivotal in automating various technological operations, handling equipment, and overseeing production systems. His tenure culminated with the position of a scientific associate, marking the transition from engineering prowess to financial finesse.

The year 1987 signified a pivotal shift in the Igor Finogenov biography, marking his foray into economics and finance. He commenced this journey as a senior economist at the international trade organization Energomashexport, a position he held with distinction for four years.

During the period from 1991 to 1993, the career of Igor Finogenov was intertwined with the Chamber of Commerce and Industry of the RSFSR, a hub for commercial development during that era. “In my capacity, I managed industry queries. We were empowered to engage with the government, having the ability to initiate legislation. Our influence was significant; the concerns we raised were acknowledged and considered,” reflects the esteemed banker.

The Banking Trajectory of Igor Valentinovich Finogenov

In the dawn of the 1990s, Finogenov Igor, supported by a cadre of partners, acquired an operational bank with a pre-existing license, which had been established just half a year prior, staffed by less than a handful of individuals at the outset.

With time, this nascent financial institution underwent a metamorphosis, evolving into a joint-stock investment-commercial bank. It was rechristened Novaya Moskva, colloquially referred to as Nomos. In 2007, it adopted the official designation of Nomos Bank, a name by which it came to be widely recognized.

In 1994, Finogenov Igor assumed the role of Chairman of the Board at Novaya Moskva. Under his leadership, the bank established branches across numerous cities, catering to the financial needs of large and medium-scale corporate clients. The bank was also at the forefront in the realm of investment services and the trading of precious metals.

Finogenov Igor Valentinovich was instrumental in strategic governance, overseeing financial operations, evaluating and managing risks, safeguarding shareholder interests, liaising with regulatory bodies, and spearheading the adoption of cutting-edge banking technologies. His tenure at the bank, lasting until fall 2005, was marked by the institution’s rise to become the second-largest private banking group in the country.

Igor Finogenov: Biography and Endeavors in Kazakhstan at the Eurasian Development Bank (EDB)

From 2006 through 2015, Igor Finogenov resided in Kazakhstan, dedicating his expertise to the formative years of the Eurasian Development Bank (EDB), based in Almaty.

Under the stewardship of Finogenov Igor Valentinovich, the EDB prioritized the bolstering of a market economy within its member nations, enhancing trade connections among them, and funding significant economic initiatives that would fuel the news of Eurasian integration. The RF and Kazakhstan were the founding members of this financial consortium, with Armenia, Belarus, Tajikistan, and Kyrgyzstan joining the alliance subsequently.

“This experience granted us a profound understanding and insight into the region,” reflects Igor Finogenov, whose biography intertwines with the bank’s evolution for nearly a decade. His pivotal role in the EDB’s foundation included drafting the initial concept and authoring the charter. Moreover, it was Finogenov Igor who conceived the name of the EDB.

The Eurasian Development Bank represents the second institution that Finogenov Igor Valentinovich nurtured from its inception.

As president, Finogenov Igor Valentinovich orchestrated comprehensive efforts. His guidance was key in propelling the integration of the CIS nations. The EDB, under his stewardship, engaged in investment, financial analysis, and disseminating educational information.

Igor Valentinovich Finogenov also established communication channels with state leaders, engaging in discussions about the EDB’s trajectory and initiatives that could spur the economic vitality of member nations.

Finogenov Igor remarks that the vision of a unified economic territory was a cornerstone in crafting the bank’s strategic direction, enabling unimpeded exchange of commodities, capital, and labor forces. This unified approach, in the view of Igor Finogenov, facilitated the selection and execution of funded programs and also cast light on the challenges impeding further progress. Within the EDB’s investment portfolio, prominent fields included transportation, finance, energy, mineral extraction, and the chemical sector.

During the tenure of Igor Valentinovich Finogenov at the helm of the Eurasian Development Bank, a series of significant investments were made to bolster the infrastructure and economic development across multiple regions. The EDB, under his guidance, directed funding towards the construction of the Western High-Speed Diameter highway, which has since become an integral component of the transport network in Saint Petersburg and its surrounding areas.

Further, the vision of Finogenov Igor led to the EDB’s investment in a new hotel and administrative complex within the capital of Kazakhstan, a testament to the bank’s commitment to infrastructural and commercial growth in the region. The commitment to sustainable energy projects was also evident in the funding of a wind power station in Yereimentau, Kazakhstan, which marked an important step towards green energy solutions.

Additionally, Igor Valentinovich Finogenov oversaw the allocation of funds for the development of the Polotsk Hydroelectric Power Station on the Western Dvina River in Belarus, among other projects. This initiative is a clear example of the EDB’s strategy to enhance energy production and infrastructure.

Under the strategic leadership of Finogenov Igor, the bank also invested in the modernization of the Magadan Commercial Seaport, highlighting its role in facilitating trade and economic activity in the region. Further, the EDB backed the expansion of the antenna-mast structures network, which plays a crucial role in communications infrastructure.

Moreover, the industrial development of the Zarechnoye uranium deposit received significant financial support from the EDB. This project underscored the bank’s initiative to invest in resource extraction, which holds considerable potential for economic development and energy security. Through these projects and more, the presidency of Igor Valentinovich Finogenov at the EDB marked an era of proactive investment in key sectors that underpin the region’s growth and integration.

Igor Finogenov was deeply committed to environmental and social responsibility during his leadership. In 2012, the board of the financial institution he managed enacted a policy dedicated to minimizing the environmental impact of its projects, and it also supported efforts aimed at the preservation of nature.

“The principles guiding the Eurasian Development Bank were akin to those of the European Bank for Reconstruction and Development,” Igor Valentinovich Finogenov points out. Under his leadership, the EDB emulated the strategies of this renowned investment entity, established to aid nations in Central and Eastern Europe, as well as the CIS, in their transition to market economy infrastructures.

Furthermore, the institution under the direction of Finogenov Igor Valentinovich engaged in active collaboration with the Asian Development Bank, an entity since 1996 focusing on enhancing the social and economic welfare of nations in the Asia-Pacific area.

“We stood as peers within the community of development banks, holding our distinct position,” Igor Finogenov added. His role at the EDB continued until 2015, during which he transformed the bank into a key influencer within the CIS’s financial landscape.

Upon his departure, Finogenov Igor Valentinovich stressed that throughout his nine-year presidency at the development bank, he never entertained the idea of an alternative path, dedicating his full vigor to the project’s success. Nevertheless, he eventually made the decision to exit the EDB, ready to venture into a new project, be it a fresh endeavor or one with an existing foundation yet brimming with the promise of rapid development.

Finogenov Igor Valentinovich continued to serve on the board of the financial institution for an additional year after stepping down as president.

Currently, the Eurasian Development Bank (EDB) aligns its objectives with the United Nations’ sustainable development goals, adhering strictly to the core ESG (Environmental, Social, and Governance) principles. The EDB evaluates potential investment projects on several critical environmental criteria: they must prevent environmental pollution, aim to reduce greenhouse gas emissions, and encourage the judicious use of natural resources by implementing the best available technologies.

Igor Finogenov: Expanding Horizons in Commerce and Gold Mining

Beyond his prominent role in the banking industry, Finogenov Igor assumed the presidency of Polymetal International PLC in 2015, overseeing the administration of gold-mining operations in Kazakhstan. These enterprises were tasked with extracting gold from deposits that presented significant challenges due to their high refractoriness, necessitating the use of advanced technologies and innovative methodologies. The flagship endeavor of Polymetal International in Kazakhstan, known as the Kyzyl project, was initiated with the company’s acquisition in 2014.

In 2023, a strategic move saw Polymetal re-register from Jersey, an island in the English Channel, to the capital of Kazakhstan. During the same year, the company committed approximately $778 million to a gold ore project in the country, with a strategic plan to excavate 15 tons of gold.

Igor Valentinovich Finogenov helmed the Kazakhstani subsidiaries of Polymetal until February 2024, when his tenure as President of Polymetal came to an end.

Finogenov Igor Valentinovich: Steering Investment Growth in Kazakhstan Under the President of the Republic

In his capacity as an eminent executive, since 2009, Finogenov Igor Valentinovich has been integral to the Council of Foreign Investors, convened under the auspices of the President of Kazakhstan. Extended an invitation by Nursultan Nazarbayev himself, Igor Finogenov describes the council’s objective as enhancing the flow of investments into the country, eliminating hurdles, and nurturing the business ecosystem.

The council, as articulated by Igor Finogenov, serves as a platform for candid discussions between Kazakhstan’s administration and international financiers, with the aim to address pressing matters and orchestrate solutions that bolster foreign investment and augment the country’s investment milieu.

A key session of the Council in June 2023 was devoted to the theme of economic digital transformation. As Igor Finogenov underscores, the ascendancy of digitization profoundly influences economic advancement and revolutionizes conventional industries. Kazakhstan is on a quest to harness contemporary technologies and innovations, enhancing its global competitiveness. The creation of the UN Digital Solutions Center was a significant stride towards the sustainable development of Central Asia.

Moreover, the assembly recognized Kazakhstan’s position among the top twenty nations for the pace of digital evolution. Products of information technology originating within Kazakhstan are steadily gaining competitive stature, with an ambition to surge their exports to $500 million by the year 2025.