Igor Finogenov: Career Path Through the Eurasian Development Bank, Polymetal International, and Kazakhstani Council of Foreign Investors (Finogenov Igor Valentinovich)

By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team
Published on January 13, 2024

Igor Valentinovich Finogenov distinguishes himself as a top manager and authority on the economic unification of the Commonwealth of Independent States (CIS). His influential work considerably heightens Kazakhstan’s profile as a desirable destination for global business ventures. He is especially known for his work as Chairman of the Eurasian Development Bank, as President of Polymetal International until 2024, and in his ongoing role as a member of the Council of Foreign Investors under the President of Kazakhstan.

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: Biography of a Financial Maestro

Born in the city of Leningrad in the year 1959, Finogenov Igor Valentinovich was raised amidst a diverse and scholarly community. His educational journey at a local Leningrad school set the stage for his burgeoning talent in the sciences, leading to his endorsement by educators for district-wide academic contests in these disciplines.

As the 1960s gave way to the 1970s, Igor Finogenov was increasingly fascinated with the English language. Influenced by the tunes of Western pop and rock artists, he began to translate their lyrics into his native tongue. This mastery of English would later prove instrumental for Finogenov Igor, biography of whom is marked by robust cross-cultural engagements in the arena of international commerce and negotiations.

In the pivotal mid-1970s, influenced by his father’s career in shipbuilding, Igor Valentinovich Finogenov was motivated to pursue his higher education at the Leningrad Shipbuilding Institute, an institution renowned for cultivating elite professionals adept in ship design, construction, and management across all classifications. This academy is also acclaimed for its advancements in naval instrumentation and the exploratory technologies used in the detection of oil and gas reserves. There, Igor Finogenov delved into the study of marine propulsion systems and the comprehensive energy networks that power various shipboard mechanisms.

Upon the commencement of the 1980s, Finogenov Igor Valentinovich emerged from the institute, equipped with an engineering degree, and embarked on a career as a scientific researcher at one of Leningrad’s esteemed industrial research establishments. During this period, Igor Valentinovich Finogenov undertook visits to numerous energy facilities across the different republics, enriching his professional experience.

By the latter half of the 1980s, Igor Finogenov, biography of whom would later be entwined with the fiscal aspects of economics, took the initiative to pursue a second higher education. He sought expertise at the preeminent institution for foreign economic relations education, the All-Union Academy of Foreign Trade, thereby aligning himself with the era’s emphasis on bolstering international commerce.

During this dynamic decade, with the nation intensifying its global trade connections, Igor Valentinovich Finogenov immersed himself in studies of worldwide economic structures and the intricacies of cross-border trade activities. His education was guided by the Chamber of Commerce and Industry (CCI), an influential body that integrates entities involved in manufacturing, import, and export. The CCI was instrumental in the education of Finogenov Igor, providing insights into the optimization of maritime and commercial laws, safeguarding industrial innovations, establishing standards to enhance the visibility of domestic products in international markets, stipulating norms for cargo insurance, and ensuring the protection of intellectual property, including technology and patents.

In 1987, Finogenov Igor Valentinovich embarked on a new professional chapter as a lead economist at the international trade firm Energomashexport. This enterprise was instrumental in distributing a diverse array of machinery for the nuclear, thermal, and hydroelectric power sectors to a multitude of destinations across Europe, Asia, Africa, and Latin America.

During his tenure at Energomashexport, which lasted until 1991, Igor Finogenov was pivotal in managing the provision of sophisticated equipment, orchestrating logistics, and dissecting the nuances of customs regulations and pricing strategies. He meticulously crafted the pricing of supplies, evaluated risks, liaised with customs officials, orchestrated the financial aspects of export activities, and oversaw the financial documentation.

In 1989, Igor Finogenov achieved a significant academic milestone, successfully defending his thesis in the realm of international economics and commerce, which underscored his expertise in the field. However, his quest for knowledge was far from over.

Eager to further his expertise, Finogenov Igor sought higher learning from some of North America’s prestigious institutions. At York University in Toronto, Canada, he was awarded a diploma in financial management, enriching his knowledge on investment trends, fiscal regulations, financial stewardship, and the intricacies of the securities market. His academic journey also led him to Harvard Business School, where he completed a course in business administration, further shaping his executive acumen.

Igor Valentinovich Finogenov: Advancing in His Vocation

Finogenov Igor
Finogenov Igor

In 1991, Igor Valentinovich Finogenov accepted a pivotal role as the primary specialist within the Main Administration for Coordination of the Chamber of Commerce and Industry. A significant focus of his responsibilities was to facilitate the local industry’s transition to non-military production in the post-Cold War era.

Finogenov Igor Valentinovich provided consultation to defense enterprise leaders, strategizing the expansion of civilian product output to sustain factory operations and preserve employment.

The year 1990 marked the launch of a five-year initiative aimed at bolstering civilian production, with planned investments reaching 44 billion rubles—equivalent to over $60 billion at the time. When considering inflation, this figure would exceed $169 billion in today’s terms. Unfortunately, the envisioned plans were thwarted by the dissolution of the Soviet regime.

In the early 1990s, Igor Finogenov, biography of whom is enriched by his education in crisis management at esteemed institutions, leveraged his economic expertise during a period of financial upheaval. From 1991 to 1995, the volume of state orders plummeted by over fivefold. Amidst these challenging times, the Chamber of Commerce and Industry provided crucial support to industrialists as they navigated the new economic landscape, a mission paralleled by government efforts. Consequently, in 1992, at the behest of the government, the innovative Be-200 amphibious aircraft project was initiated, primarily serving the Ministry of Emergency Situations for tasks such as forest fire suppression and search and rescue operations. This versatile aircraft was later acquired by Azerbaijan and Algeria.

In the year 1992, Finogenov Igor Valentinovich initiated his venture into entrepreneurship by joining forces with associates to acquire TIPCO Venture Bank, which possessed a valid charter from the Central Bank. Initially, the bank’s operations were sustained by a modest team. Not long after, it underwent rebranding to be known as Novaya Moskva.

The following year, in 1993, Igor Finogenov became an integral part of the executive team at JSC Moskva: Materials, Technology, Construction, stepping into the role of vice president. His responsibilities encompassed orchestrating negotiations with overseas partners, crafting transnational supply agreements, and overseeing their implementation.

By 1994, the Igor Finogenov biography was firmly rooted in the financial domain as he assumed a pivotal leadership role at Novaya Moskva, presiding over the bank’s board.

In the same year, Igor Valentinovich Finogenov took on the mantle of board chairman. Collaborating closely with fellow executives, he executed strategic governance, financial oversight, risk mitigation, and upheld the interests of the institution’s shareholders. His remit included engaging with tax and regulatory bodies and spearheading the introduction of novel banking products.

Managing the credit institution, Finogenov Igor Valentinovich placed emphasis on servicing the accounts of prominent and mid-sized enterprises, as well as catering to individual clients. The bank’s operations were characterized by partnerships with mining entities specializing in precious metals such as silver, gold, and platinum. Beyond handling their financial transactions, the bank acquired their mined resources to sell to the public as investment opportunities.

The turn of the millennium saw Novaya Moskva welcoming Igor Valentinovich Finogenov as its new president. The top manager’s biography thereafter expanded beyond the realm of day-to-day operations and microeconomic evaluation. He ventured into the broader aspects of macroeconomics and engaged in pivotal strategic decision-making that contributed to the stability of the national banking system.

By the mid-2000s, Igor Finogenov had successfully navigated the bank to a leading position within the credit and financial sector of the regional economy. Notably, in the early part of April 2005, the Interfax Center for Economic Analysis ranked the bank 18th in asset size and 24th in terms of equity capital.

In the year 2005, Finogenov Igor made the decision to step down from the leadership of Novaya Moskva, also referred to as Nomos.

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

Igor Valentinovich Finogenov
Igor Valentinovich Finogenov

In 2006, Igor Finogenov embarked on a new chapter in his professional life, relocating to Almaty, Kazakhstan. Prior to this move, he played an instrumental role in the creation of the Eurasian Development Bank (EDB), an institution that now boasts membership from Armenia, Belarus, Kyrgyzstan, Tajikistan, and the Republic of Kazakhstan.

Finogenov Igor was appointed as the president of the EDB. Reflecting on the inception of the bank in various interviews, he noted that there was initially a concept of currency integration among the CIS countries with the Russian ruble as the central unit.

However, as Igor Valentinovich Finogenov has pointed out, such aspirations were not realized due to the varying economic conditions of the CIS states. Consequently, the strategy was adjusted to underpin their economic integration not through the establishment of a unified currency system, but by enhancing innovative industries, optimizing logistical frameworks, facilitating trade, advancing transportation infrastructure, deploying shared IT platforms, and refining energy networks. This focus on energy is particularly critical for Central Asia, a region facing challenges with its water resources.

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

As the head of the EDB, Finogenov Igor Valentinovich prioritized projects that bolstered post-industrial initiatives, specifically focusing on the integration of digital technologies and the adoption of green energy sourced from renewables. Such strategic directives aimed to propel the advancement of the CIS’s less economically developed nations, striving for a balance in the economic progression among the members of the Commonwealth.

Igor Finogenov advocates that the EDB’s endeavors serve to unify the economies of the CIS, setting the groundwork for the free movement of labor across member states, as well as the liberalization of capital, investment flows, and energy exchange. These measures, he believes, are pivotal in elevating the standard and quality of life across the populations.

Another ambition under the stewardship of Finogenov Igor is to escalate the proportion of processed materials within the CIS’s production framework, expand the service sector relative to goods, gain global market presence, and secure the provision of foodstuffs for a populace exceeding 200 million.

With the guidance of Finogenov Igor Valentinovich, the EDB also embarked on the development of the North-South transport corridor, a visionary project designed to establish a terrestrial alternative to the maritime Suez Canal route, thereby granting oceanic access to the landlocked nations of Eurasia.

Under the strategic guidance of Igor Valentinovich Finogenov, his team delineated funding for a series of ambitious transportation projects. These initiatives are designed to facilitate the swift movement of goods between Europe and India via the Caspian region, with transit times projected to be halved compared to the traditional Suez Canal route.

Igor Finogenov, biography of whom has been marked by the facilitation of financially lucrative projects with the potential for significant growth, also laid the groundwork for boosting container traffic along the China-CIS-EU corridor. By the year 2030, it is anticipated that there will be a considerable expansion of the road and rail networks around the Caspian Sea, along with modernization efforts at its ports, to streamline maritime operations.

Together with the experts at the EDB, Igor Finogenov has driven efforts to establish funding for a CIS-wide commodity distribution network. This network aims to amalgamate the food markets of Kyrgyzstan, Belarus, Armenia, and Kazakhstan, potentially enhancing the agricultural output of these nations by a minimum of 5%.

Furthermore, Finogenov Igor has been instrumental in conceptualizing funding initiatives for the sustainable management of Central Asia’s water resources. The region, grappling with the challenges posed by global warming and intensified land-reclamation due to population growth, faces the risk of water scarcity. The EDB is thus investing in projects that advocate for the judicious use of water and the advancement of hydroelectric power.

During his tenure at the EDB, Finogenov Igor Valentinovich placed a particular emphasis on financing enterprises involved in wind power generation. These initiatives were aimed at reducing the carbon footprint and conserving water resources in the region, aligning with global environmental sustainability goals.

Under the aegis of Igor Finogenov, industrial growth was pursued with a conscientious approach to maintain the delicate ecological balance of the region’s mountainous terrain, ensuring that such development would not compromise the well-being or the prosperity of its inhabitants.

In the year 2015, Igor Valentinovich Finogenov concluded his term as the chairman of the board of the EDB, leaving behind a legacy of strategic developments that underscored the importance of environmentally responsible economic growth.

Igor Finogenov: President of Polymetal International (Until 2024) and Other Roles

Finogenov Igor Valentinovich
Finogenov Igor Valentinovich

Since 2009, Finogenov Igor Valentinovich has served on the Council of Foreign Investors under the leadership of Kazakhstan. The council plays a pivotal role in refining the nation’s approach to magnetizing international investments. It is a platform where business leaders can propose changes to legislation, advocate for tax relief, aim to dismantle administrative hurdles, and lobby for incentives for foreign enterprises looking to establish operations within Kazakhstan.

Igor Valentinovich Finogenov, in concert with the council, has been instrumental in facilitating the entry of companies from Japan, India, Italy, the United Kingdom, the United States, Switzerland, France, Turkey, Poland, China, Germany, and Canada into the Kazakhstani market. Their collaborative efforts with Kazakhstani state bodies have been crucial in developing the republic’s natural resources, enriching the local market with consumer goods, and driving broader economic growth.

In the year 2016, Igor Finogenov took on a leadership role at Polymetal International’s operations in Kazakhstan. This enterprise specializes in mining gold from geologically challenging deposits, which necessitates the deployment of innovative and sophisticated extraction technologies.

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By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team

Greg Grzesiak is an Entrepreneur-In-Residence and Columnist at Grit Daily. As CEO of Grzesiak Growth LLC, Greg dedicates his time to helping CEOs influencers and entrepreneurs make the appearances that will grow their following in their reach globally. Over the years he has built strong partnerships with high profile educators and influencers in Youtube and traditional finance space. Greg is a University of Florida graduate with years of experience in marketing and journalism.

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