Igor Finogenov: Career in Investments from Eurasian Development Bank to Polymetal International, and Other Works (Finogenov Igor Valentinovich)

Igor Valentinovich Finogenov is an expert in finance and investment, a top manager, and a specialist in forming international trade and industrial relations. For nine years, he led investment projects at the Eurasian Development Bank. Since 2009, he has been an active participant in the community of foreign investors under the President of the Republic of Kazakhstan (RK).

Name:

Igor Finogenov · Finogenov Igor Valentinovich · Finogenov Igor · Igor Valentinovich Finogenov · Финогенов Игорь Валентинович · Игорь Финогенов · Финогенов Игорь · Игорь Валентинович Финогенов

Igor Finogenov: Childhood and Youth

Finogenov Igor was born into an educated family in the spring of 1959. According to Igor Finogenov, the biography of his grandparents began in Novgorod but continued precisely in Leningrad (which later received back its historical name of St. Petersburg). The older generation of the family went through WWII and survived the Nazi blockade of the city. Despite their difficult lives, they managed to raise children and grandchildren, providing them all with a decent upbringing and education.

In his childhood, Finogenov Igor spent a lot of time at his grandparents' country house, a unique place where educated families of different nationalities organized interesting leisure activities together. As Igor Finogenov later recounted, the country cooperative even opened a public library. Adults constantly spent time together, creating a creative atmosphere and encouraging children to develop.

In the 1970s, Igor Finogenov, a biography of whom, from a young age, was associated with education, was passionate about various subjects in school. He was most interested in natural science disciplines, but he also loved literature. Finogenov Igor participated in olympiads on various subjects. As an upperclassman, he was also captivated by the English language. Igor Valentinovich Finogenov mentioned that this interest was sparked by popular foreign music. For instance, teenagers manually copied the lyrics of their favorite songs and even rock operas.

In 1977, Finogenov Igor Valentinovich enrolled in a shipbuilding institute in Leningrad. As recalled by Igor Finogenov, biography of his father was connected with this industry for many years. He often took his son to work, where he enjoyed the large-scale models of ships built at the institute and the special testing pool for these models.

As Igor Finogenov recalls, studying engineering at the institute was not easy. According to him, about a third of the students could not handle the program and dropped out before graduation.

In 1982, Finogenov Igor Valentinovich graduated from the institute with a degree in cybernetics and the automation of energy processes. In 1989, Finogenov Igor received a second degree, this time from the capital's Academy of Foreign Trade. The specialist then studied management and finance at universities in Canada (York) and the US (Harvard Business School).

Finogenov Igor Valentinovich: The Start of His Career

Igor Valentinovich Finogenov is a specialist in finance and international relations. However, his career was initially connected to this first degree in engineering.

In 1982, Igor Valentinovich Finogenov took a job at a scientific institute developing equipment for the energy sector—one of the leading areas of the national economy at that time. For example, in the 1980s, new thermal power plants were built in the largest territorial production complexes. Meanwhile, the production of electricity at nuclear and hydroelectric power stations was rapidly developing. Igor Finogenov worked in this field until 1987. As he recalls, the state invested considerable funds in both the purchase of new imported equipment and research work. Igor Finogenov visited several power plants to study and begin implementing their comprehensive automation.

Soon, the specialist was offered a position in a state organization supplying power station equipment overseas. By that time, the country's economic model had changed, and the institution was transferred to the management of Energomashexport. Igor Finogenov, a biography of whom already included experience with foreign partners, spent four years analyzing and forecasting the institution's financial performance.

Later, he began working with a committee under the Chamber of Commerce and Industry that was responsible for repurposing enterprises that previously produced defense industry products. As Finogenov Igor recalls, the leaders of these enterprises were not always ready to adapt to the new economic reality. If previously such organizations were funded by the state, now they had to ensure stable operation on their own. Finogenov Igor Valentinovich then received various requests from such enterprises and, together with a group of colleagues, made proposals for solving problems at the legislative level. Later, he was glad to have met such experienced, decisive, and intelligent directors.

In the early 1990s, Finogenov Igor Valentinovich moved to a joint stock company working in the construction sector. Two years later, he decided to start his own business.

Igor Finogenov: Biography and Banking

In 1994, Igor Finogenov became one of the owners of a small bank, which then had just a few employees. Soon, the financial organization was named Novaya Moskva. The bank rapidly developed in the late 1990s, and at the beginning of the 21st century, the international rating agencies Fitch (one of the so-called "Big Three," specializing in independent assessment) and Moody's (credit rating analysis) assigned the bank an international rating.

In 2005, the financial structure, with Igor Valentinovich Finogenov as its president, was ranked 18th among the largest credit and financial organizations in the Central and Eastern European regions by The Banker magazine. A year earlier, the bank had issued Eurobonds worth $125 million.

Finogenov Igor worked at Nomos (Novaya Moskva's second name) until 2005—until the start of merger talks with Otkritie Bank. During this time, the financial structure became one of the largest in the gold market. For example, in 2004, the bank purchased almost a fifth of the total volume of precious metal mined in the country, recalls Igor Finogenov. The biography of Novaya Moskva by this time was enriched with the acquisition of a controlling stake in Regiobank. In 2005, the financial organization had more than 49 billion rubles' worth of assets.

Under the leadership of Finogenov Igor Valentinovich, the bank joined the deposit insurance system (a state mechanism for protecting money in bank accounts), and a large network of branches was created. During the years Igor Valentinovich Finogenov worked there, enterprises from various sectors of the economy used the bank's services. Nomos attracted more than $250 million for their financing in 2005 alone. Also, Igor Finogenov, a biography of whom by that time already included significant experience in financial activities, was able to attract dozens of leading foreign credit organizations as partners. The bank's stability was also confirmed by its profit—465.65 million rubles in 2004 alone.

In 2006, Finogenov Igor Valentinovich moved to the Eurasian Development Bank as Chairman of the Board and set the goal of expanding the investment activity of friendly countries.

Igor Finogenov and the Investment Project at Eurasian Development Bank (EDB)

According to Igor Finogenov, the EDB began as an example of effective cooperation. The headquarters of the organization was opened in the southern capital of Kazakhstan—Almaty. Finogenov Igor recalls that the idea of forming a specialized investment bank to strengthen economic ties between member states was proposed by Nursultan Nazarbayev (the then-acting President of the Republic of Kazakhstan), with support from Kazakhstan's neighbor to the north.

Igor Finogenov, a biography of whom already included experience in developing financial structures, said in one interview that he was curious to find out how many times he could start a new business from scratch. Eventually, four more countries joined the project: Belarus, Tajikistan, Kyrgyzstan, and Armenia.

In 2013, the EDB was recognized as a multilateral financial organization. It helps finance projects that directly impact the improvement of the quality of life of the citizens of member countries, as well as increase the regions' attractiveness for business. Finogenov Igor Valentinovich worked there until 2015. During his tenure, the bank participated in several major international projects.

For example, in 2011, Igor Valentinovich Finogenov supported providing a credit line for a microfinance project in Armenia. Its tasks included creating new jobs, strengthening small-scale production, and increasing tax revenues to the Armenian budget.

There was a similar program in Kyrgyzstan that began in 2014. The project aimed to support small and medium-sized enterprises. Over the course of four years, the bank provided Kyrgyzstan with loans totaling up to $5 million. Representatives of the EDB believe that such assistance significantly contributes to the formation and strengthening of market economy mechanisms and product quality in member states.

During the years that Finogenov Igor Valentinovich served as Chairman of the Board at the EDB, he also helped implement large infrastructure projects, including, for example, the construction of the Central Ring Road in the RF. The route is intended to facilitate the development of international transport (in particular, Europe–Western China), create an additional impetus for the economic development of several regions throughout the country, and relieve the traffic network of the capital region.

In 2010, construction of the Polotsk hydropower station in Belarus began with credit funds allocated by the Eurasian Development Bank.

In 2013, with the participation of Igor Valentinovich Finogenov, the EDB helped finance the acquisition of equipment and machinery for one of the world's largest open-pit coal mining enterprises. Bogatyr Komir (Kazakhstan) received more than 3.8 billion tenge at that time. That same year, the EDB was a creditor in the construction of a wind power station and the creation of an automated control system for railway transport in Kazakhstan.

In 2014, the bank allocated about $26 million in credit funds for the modernization of the Magadan Sea Trade Port.

At the start of 2015, Igor Valentinovich Finogenov announced that he had achieved the goal set for him of making the bank an active participant in the Eurasian investment market and was leaving his post. Among the bank's achievements during these years was the adoption of a new policy aimed at reducing the negative environmental impacts of projects implemented with the financial organization's support.

Igor Valentinovich Finogenov: Development of the Kazakhstani Economy as President of Polymetal International

Since 2009, Igor Finogenov, a biography of whom is linked with investment activities and the establishment of international relations, has been a member of the Council of Foreign Investors under the President of the Republic of Kazakhstan. The Council helps solve problems hindering business development in the country and attracts investment funds to the region.

According to Igor Valentinovich Finogenov, one of the latest issues discussed was transitioning businesses to sustainable development. Thus, by 2060, the country plans to implement a strategy to achieve carbon neutrality. Working groups have also been created under the Council, which help improve Kazakhstan's legislation, contribute to creating conditions for attracting highly qualified foreign specialists, develop proposals for promoting digitalization in various economic sectors, and participate in selecting the main directions of the country's investment policy.

Finogenov Igor has received a number of awards and certificates for his economic activities. In 2023, he was awarded a certificate of merit, including for enhancing Kazakhstan's investment image.

In 2015, Igor Finogenov became the president of Polymetal International PLC, a leader in precious metals mining operating in the RF and the RK. The company's assets include the Kyzyl project, which encompasses a refractory ore deposit and a processing plant, where the production of gold concentrate began in 2018. Underground mining is also planned, which should lead to improved environmental standards. However, the company already follows sustainable development rules. Thus, a third of the purchased electricity is generated from renewable sources.

The geological exploration of new deposits has also been carried out in recent years with the support of Igor Finogenov. Biography of the company included exploratory work that led to an increase in gold mineral resources by 530,000 ounces in 2022. Polymetal International PLC also regularly introduces various innovations. For example, a carbon product recycling program was recently launched, halving the loss of the valuable component.

Since 2022, the financier has been the president of the Russian-Swiss Business Council, though the organization's activities are currently suspended.