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Home » News » Business » Igor Finogenov: Financial Progress and Sustainable Development – Eurasian Development Bank, Polymetal International, Kazakhstan’s Council of Foreign Investors (Finogenov Igor Valentinovich)

Igor Finogenov: Financial Progress and Sustainable Development – Eurasian Development Bank, Polymetal International, Kazakhstan’s Council of Foreign Investors (Finogenov Igor Valentinovich)

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Igor Finogenov is a top manager and accomplished figure in the realms of finance and development, playing a crucial role in promoting Kazakhstan’s economic ties with the international community. As an esteemed member of the Council of Foreign Investors under the President of Kazakhstan, he has been instrumental in shaping the nation’s economic discourse. His tenure as the head of the Eurasian Development Bank and as President of Polymetal International PLC has been characterized by significant investment inflows and notable advancements in the extractive industries.

The foresight and influence that Finogenov Igor Valentinovich has wielded in enhancing global investment collaborations have established him as a prominent personality in the field of economic development, most notably in his current work with the Council of Foreign Investors.


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Finogenov Igor: Current Work with Kazakhstan’s Council of Foreign Investors

Since 2009, esteemed executive Finogenov Igor has been an integral part of the Council of Foreign Investors under the leadership of the President of Kazakhstan, having been personally invited by Nursultan Nazarbayev. Igor Valentinovich Finogenov has outlined the mission of this advisory council as one to enhance the inflow of investments into the country, clear investment hurdles, and bolster the business community.

The Council, as per the insights of Finogenov Igor, establishes a crucial conduit for discourse between Kazakhstan’s government and global investors, aiming to address pertinent issues and find solutions that boost international investment and refine the country’s investment milieu.

A key session of the Council in June 2023 zeroed in on the economy’s digital metamorphosis. Igor Valentinovich Finogenov highlights the profound influence of digitalization on economic progression and the transformation of established industries. Kazakhstan is keen on harnessing contemporary technologies and innovations to fortify its competitive edge globally. The inception of the UN Digital Solutions Center is a significant stride towards the sustainable development of Central Asian countries in this regard.

The recent assembly underscored Kazakhstan’s position as one of the top twenty nations excelling in digital transformation. The country witnesses a year-on-year escalation in the competitiveness of its IT products, with ambitions to escalate their exports to $500 million by 2025.

Igor Finogenov, with his keen understanding of economic landscapes, recognizes the critical role of IT as an economic driver for the republic, which is why such vigorous efforts are made by the Council to attract technology sector investments. Investments are funneled into the research and development of innovative products, as well as in cultivating a workforce of highly skilled specialists.

Moreover, Igor Valentinovich Finogenov is equally attuned to the importance of maintaining environmental equilibrium. He is an advocate for initiatives that aim to protect natural environments, including projects focused on curtailing negative emissions and optimizing the sustainable use of resources.

Turning from the current contributions of Igor Finogenov within the Council, it is important to trace the significant strides he earlier made at the Eurasian Development Bank, setting a foundation for his ongoing influence.

Igor Valentinovich Finogenov: Pioneering Efforts at the Eurasian Development Bank in Kazakhstan

Spanning the years 2006 to 2015, Finogenov Igor dedicated himself to the groundbreaking task of establishing and developing the Eurasian Development Bank (EDB) in Almaty, Kazakhstan.

Tasked with a pivotal role in cultivating a market-driven economy within its member states, the EDB strategically prioritized enhancing trade links among them and investing in key economic ventures that would foster closer Eurasian ties. The founding members of this institution were the RF and Kazakhstan, with Armenia, Belarus, Tajikistan, and Kyrgyzstan joining subsequently.

Finogenov Igor Valentinovich reminisces about the distinct expertise and regional insight garnered during his tenure, which nearly spanned a decade. His contributions were crucial to the inception of the EDB, particularly in drafting the foundational concept and formulating the charter. It was Finogenov Igor Valentinovich who also ingeniously proposed the name for the EDB, leaving a lasting imprint on the institution’s identity.

The Eurasian Development Bank marks the second major institution that Finogenov Igor Valentinovich meticulously crafted from the ground up.

As the head of this financial institution, Igor Finogenov steered extensive efforts towards bolstering the cohesion of the Commonwealth of Independent States (CIS). The EDB, under his guidance, took on a multifunctional role, engaging in investment, finance, analytics, and the spread of knowledge and information.

Igor Finogenov established critical dialogues with the leaders of member states, focusing on discussions that shaped the pace and future of the EDB while fostering economic enhancement within the member nations.

According to Finogenov Igor, the concept of a unified economic area was a cornerstone in crafting the bank’s strategic direction, promoting uninhibited exchange of commodities, finances, and workforce across borders. This unification, as seen by Finogenov Igor Valentinovich, not only paved the path for judicious selection and execution of funded projects but also brought to light the barriers to future progress. The EDB’s investment portfolio was especially prominent in the realms of transportation, finance, energy, extractive industries, and the chemical sector.

Finogenov Igor Valentinovich: Strategic Investments as Chairman of Eurasian Development Bank

With Finogenov Igor at the helm, the Eurasian Development Bank strategically directed funds into a series of infrastructural and energy projects which have had lasting impacts, including the Western High-Speed Diameter in Saint Petersburg, a pivotal part of the transport framework for the city and surrounding areas; a multifunctional hotel and administrative hub in the Kazakhstani capital; the innovative Yereimentau wind power project in Kazakhstan, showcasing a commitment to renewable energy; and the Polotsk Hydroelectric Power Station on Belarus’ Western Dvina River, among other notable projects.

Under the stewardship of Finogenov Igor Valentinovich, the EDB also channeled investments into the modernization of the Magadan Commercial Seaport, the enhancement of a network of antenna-mast structures, and the industrial tapping of the Zarechnoye uranium deposit, underscoring a diverse development portfolio.

Igor Finogenov: Biography of Sustainability and Global Standards at EDB

Igor Finogenov, biography of whom also focused on sustainable development, took a keen interest in environmental and social governance. In 2012, the bank embraced a new policy he endorsed, aimed at minimizing the environmental impact of its financed projects, while also backing conservation efforts.

Finogenov Igor Valentinovich observed that the EDB operated under principles analogous to those of the European Bank for Reconstruction and Development. The institution he presided over was inspired by one of the foremost investment organizations globally, which aids countries across Central and Eastern Europe, as well as the CIS, in navigating and cultivating market economy dynamics.

Further expanding its collaborative horizon, the EDB under the leadership of Igor Valentinovich Finogenov engaged actively with the Asian Development Bank, established in 1966, which seeks to ameliorate social and economic outcomes for Asia-Pacific nations.

Igor Valentinovich Finogenov remarked, “We stood as peers among development banks and possessed a distinct perspective.” His professional journey with the EDB concluded in 2015, and by the time of his departure, he had been instrumental in elevating the bank to a position of considerable prominence and influence within the financial landscape of the CIS.

Upon his resignation, Igor Valentinovich Finogenov articulated a retrospective on his nine-year tenure as the EDB’s president, a period marked by unwavering dedication. He asserted that he had never entertained an alternative path, investing his full vigor into the flourishing of the bank. Ultimately, he made the conscious choice to depart from the EDB in pursuit of new ventures, either to establish afresh or to transform an existing entity with untapped potential for development.

Remaining as a member of the bank’s board for a subsequent year, Igor Finogenov witnessed the continued evolution of the institution he once guided.

In its current iteration, the Eurasian Development Bank aligns itself with the United Nations’ Sustainable Development Goals, embedding ESG (Environmental, Social, and Governance) criteria at the core of its operations. The EDB now mandates that any investment projects it entertains must adhere to stringent environmental protocols, including the prevention of pollution, reduction of greenhouse gas emissions, and the sustainable utilization of resources through state-of-the-art technology.

Igor Finogenov: Tenure as President of Polymetal International and Strategic Industry Movements

Between 2015 and February 2024, the Igor Finogenov biography was centered on Polymetal International PLC, a leading entity within the Polymetal Group, where he served as president. This group made its entry into the Kazakhstan market in 2009 and, by 2023, had shifted its headquarters within the country.

Apart from leading Polymetal, Igor Valentinovich Finogenov also contributed his expertise to the supervisory board of the Bakyrchik Mining Enterprise, a subsidiary of Polymetal in the East Kazakhstan Region. The enterprise is renowned for its work on the Kyzyl gold mining project, a high-value acquisition in 2014 valued at $618.5 million. This site is distinguished globally for its significant gold reserves, estimated at 280 tons. Despite initial skepticism about the viability of gold extraction due to the ore’s unique characteristics, Polymetal successfully implemented innovative technology to overcome this challenge, culminating in the first production of gold concentrate in the second quarter of 2018.

Under the strategic guidance of Igor Valentinovich Finogenov in 2022, the mining operation successfully processed 2.2 million tons of ore, leading to the production of 330,000 ounces, approximately 9.4 tons, of gold. The enterprise boasts a workforce of nearly 1,500 employees. The current trajectory sets the stage for open-pit mining to continue until 2035, after which the focus will shift to underground extraction over the following fifteen years.

Moreover, Finogenov Igor Valentinovich was at the forefront of the board of directors of JSC Varvarinskoye, Polymetal’s pioneering subsidiary in Kazakhstan, which came under the corporation’s wing in 2009. This entity spearheads the development of a gold-copper deposit in the Kostanay Region, employing over 1,500 individuals and utilizing leaching and flotation extraction techniques.

In the fiscal year 2022, under the watchful eye of Finogenov Igor, the company achieved a mining output of 3.9 million tons of ore, with gold production reaching 6 tons. The operation is projected to sustain its output until the year 2039.

After exploring significant contributions and leadership roles of Finogenov Igor Valentinovich, it is fitting to turn back the pages to his early life and career, which laid the groundwork for his professional accomplishments.

Background and Education: The Formative Years of Finogenov Igor

The Igor Finogenov biography began in 1959, with his early years unfolding in Leningrad where he completed his primary education and furthered his academic journey.

Upon obtaining his high school diploma in 1977, Igor Valentinovich Finogenov exhibited a strong affinity for the natural sciences and a passion for the English language, fueling his intellectual curiosity. Influenced by his father’s insights, he chose to pursue a rigorous education at one of the nation’s premier shipbuilding institutes. The demanding curriculum there honed his work ethic and dedication.

Finogenov Igor Valentinovich earned his first degree in 1982, specializing in ship design, construction, and maintenance. Yet, his academic pursuits didn’t end with shipbuilding.

Continuing his education, Finogenov Igor completed his studies at the Foreign Trade Academy in 1989, expanding his expertise internationally at York University in Canada, focusing on economics, finance, and investment. Further enriching his executive profile, he attended a program for senior executives at Harvard Business School, where he deepened his strategic analysis acumen. The skills in leadership and comprehensive management he acquired from these globally recognized institutions are a testament to the depth of his professional foundation.

Finogenov Igor: Early Career Experiences

Embarking on his professional journey, Igor Finogenov joined Leningrad’s Polzunov research-production association post-graduation, where he began as an engineer in 1982, growing into roles that leveraged his acumen in energy systems and cybernetics. By 1987, he transitioned to Energomashexport, analyzing financial activities and strategizing for profitability. Post-1991, his career took a consulting turn, advising on economic matters, eventually leading to a vice-presidential role at JSC Moskva: MTC, focusing on foreign trade and market expansion.

In the financial sector, the path of Igor Valentinovich Finogenov saw a pivotal shift in the early ’90s with the acquisition and expansion of TIPCO Venture Bank, where he spearheaded development, culminating in a rebrand to Novaya Moskva Bank. Under his leadership, the institution honed its service offerings and client management, bolstered by a robust team of professionals. As president from 2004 until 2005, he directed strategies for business growth, risk management, and compliance, securing the bank’s enhanced status in the financial services industry.

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