Igor Finogenov: From Chairman of Eurasian Development Bank (EDB) to President of Polymetal International and Latest News

March 16, 2024

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Igor Valentinovich Finogenov has made his mark as an accomplished economist and key executive leader. Spanning a tenure of almost a decade, he held the prestigious role of president within the Eurasian Development Bank (EDB).

Currently, this distinguished executive serves on the advisory council to the President of the Republic of Kazakhstan, a body that amalgamates international 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 Biography: The Formative Years

The year 1959 marked the birth of Finogenov Igor in the historic city of Leningrad, where he shone in both the natural sciences and literary studies throughout his academic life. He engaged fervently in subject-based Olympiads as a pupil, nurturing a keen fascination for the English language during his tenure in secondary education.

Completing his higher education in 1982, Finogenov Igor Valentinovich emerged from a premier institution specializing in shipbuilding. His father, a researcher within the same discipline, provided inspiration for his choice in higher learning. The journey through university saw Igor Finogenov navigating the complexities of cybernetics and the automation of processes within the energy sector, culminating in a rigorous education that saw many peers fall short of reaching the culminating thesis defense.

In the pivotal year of 1989, Finogenov Igor Valentinovich enriched his academic credentials at the Foreign Trade Academy via the Chamber of Commerce and Industry. His quest for knowledge took him overseas, to both a prestigious university in Toronto and to the hallowed halls of Harvard University’s business school, where he concluded a program designed for executive leadership.

Finogenov Igor Valentinovich: The Genesis of a Career

Between the years 1982 and 1987, Igor Valentinovich Finogenov was engaged at a Leningrad-based scientific and industrial association, concentrating on energy apparatus. In this interval, Finogenov Igor was laying the groundwork for his doctoral studies. His explorations included visits to premier national energy firms, which were in the midst of acquiring cutting-edge foreign technology. Owing to his mastery of the English language, the nascent financier was bestowed with the opportunity to embark on a career in the importation of such equipment.

From the year 1987 until 1991, Igor Finogenov dedicated his expertise to the Energomashexport association, taking on the role of lead economist.

And in the years stretching from 1991 to 1993, Igor Finogenov, biography of whom is interwoven with international economic activities, served at the Chamber of Commerce and Industry. At that juncture, it was a pivotal hub for catalyzing entrepreneurial spirit within the nation.

In the period extending from 1992 to 1994, Finogenov Igor Valentinovich held the position of Vice President at the joint stock company known as Moskva: Materials, Technology, Construction. It was during these transformative years that he made the decisive pivot toward a future in finance.

Igor Finogenov: An Account of Financial Stewardship

The year 1994 marked a significant venture for Igor Valentinovich Finogenov, as he, alongside a consortium of associates, took over the operations of TIPCO Venture Bank. The institution, albeit licensed, was a modest enterprise with no more than a quartet of staff members. Post-acquisition, it was rebranded as Novaya Moskva.

Leading up until 1998, Finogenov Igor was at the helm of the bank’s board. Under his guidance, the banking entity experienced brisk expansion, placing its focus on servicing the financial needs of mid to large-scale corporations. The bank distinguished itself in the realm of precious metals, engaging actively with the domestic gold mining industry. Under the strategic leadership of Igor Finogenov, Novaya Moskva broadened its presence, establishing branches across several regions.

In the dawn of the millennium, Finogenov Igor Valentinovich assumed the presidency of the noted financial institution. By 2002, two of the preeminent credit agencies had recognized the bank with a credit rating. The year 2004 was notable as Novaya Moskva procured in excess of 220 tons of silver and nearly 30 tons of gold, which represented 12% and 17%, respectively, of that year’s total domestic output of these precious commodities.

In 2005, Igor Valentinovich Finogenov concluded his tenure at the bank.

Finogenov Igor: The Pinnacle at Eurasian Development Bank (EDB)

During the early 2000s, the conversation surrounding enhanced economic cohesion within the CIS was vibrant. As recollected by Finogenov Igor Valentinovich, there was even deliberation regarding the adoption of the ruble or another unified currency across the Commonwealth, yet this concept never came to fruition.

However, the concept of a development bank bore fruit. The genesis of the EDB, a major focal point in the Igor Finogenov biography, stemmed from a proposal by Nursultan Nazarbayev, the Kazakh leader from 1989 to 2019. Kazakhstan, in concert with the RF, championed the inception of this new financial venture, appointing Finogenov Igor as its inaugural board chairman. The foundational treaty establishing the EDB was signed by the two nations in January 2006, with its operations commencing in June of the same calendar year.

Under the stewardship of Finogenov Igor Valentinovich, the new financial institution’s constitution was crafted, taking inspiration from the European Bank for Reconstruction and Development. His active role included meticulous consultations regarding project appraisals, risk assessments, liquidity management, and achieving financial break-even points.

The year 2009 witnessed the expansion of the institute’s membership with the accession of Armenia and Tajikistan. Following suit, Belarus augmented the capital of the development bank in the subsequent year, and in 2011, Kyrgyzstan also became a member.

The tenure of Igor Finogenov as a top-tier manager at the EDB, was marked by strategic dialogues with CIS leaders, covering a wide array of topics from economic progression and financial solidity to broader issues. His leadership was instrumental in fostering collaborations with development institutions on a global scale.

Igor Finogenov Valentinovich shares that the EDB’s initiatives played a crucial role in pinpointing obstacles to the unhampered flow of commerce, capital, investments, and workforce.

In 2012, a pivotal year for the bank, it embraced the “Policy on Environmental and Social Responsibility,” a move directed at curtailing the ecological impact of its supported projects. Concurrently, the organization, guided by the strategic decisions of Igor Finogenov, became part of the environmental cohort among the world’s development banks. Furthermore, in 2013, the Organization for Economic Co-operation and Development acknowledged the EDB as a comprehensive multilateral financial entity.

During the tenure of Igor Valentinovich Finogenov at the EDB, a series of strategic projects were undertaken, bolstering the economies of its member nations.

In 2007, the bank endorsed a $63 million investment in Zarechnoye’s uranium mine development in Kazakhstan. The following year, EDB allocated ₽9.66 billion for a freight car factory in Tikhvin, Leningrad Region, which began operations in 2012 with an annual capacity of 18,400 vehicles.

Under the chairmanship of Finogenov Igor in 2009, SUEK secured a $55 million loan for mining equipment upgrades. In 2010, the bank contributed $90 million to refurbish St. Petersburg’s Pulkovo Airport, funding a new terminal, expanding the existing one, and other infrastructural enhancements, culminating in 2016.

In that period, the Ekibastuz GRES-2 power station in Kazakhstan, with a history dating back to 1979, was rejuvenated with the aid of the EDB, then under the guidance of Igor Finogenov. The institution committed a substantial $385 million loan, one of its largest to date, not only for refurbishment but also to establish a new power unit.

2011 saw the EDB, steered by Igor Finogenov, inject capital into three significant Kazakh enterprises. The Altynalmas firm was granted $98 million for its gold mining ventures, Bogatyr Komir, a premier coal company, received $50 million for equipment, and $44 million was allocated to AstanaPromStroy-M for the construction of a hotel and office complex in the nation’s capital.

The year 2012 was marked by the EDB’s provision of a ₽10 billion loan to finalize the Western High-Speed Diameter in St. Petersburg. Initiated in 2005, this thoroughfare was designed to ease traffic congestion and in December 2016, the full 47-kilometer toll road was inaugurated.

Simultaneously, Finogenov Igor Valentinovich endorsed a $50 million investment in the Karatau program, a project dedicated to uranium extraction and processing at the Budenovskoye site in the Turkistan Region.

In 2013, the investment institution embarked on modernizing Kazakhstan’s rail network. EDB endowed Transtelecom with over 17.5 billion tenge, roughly $114 million at the time, to automate rail operations in the country. The initiative garnered an additional 11.5 billion tenge in 2014 and 2016.

Igor Finogenov: Boosting the Energy Sector

The renewable energy sector, particularly wind power, piqued the interest of Igor Valentinovich Finogenov. The EDB allocated about 14.2 billion tenge for a wind farm in Kazakhstan’s Akmola Region. Operational since 2017, the facility boasts 22 turbines with a collective capacity of 45 MW.

In 2014, EDB, with Finogenov Igor at its operational core since its inception, dispensed three loans amounting to $26 million for refurbishing Magadan’s commercial port. Additionally, Russkie Bashni was granted ₽5.9 billion to expand its antenna-mast structure network in the RF.

2015 saw the bank, under the leadership of Igor Finogenov, bolster KazTransGas Aimak’s investment program, dedicating 7.7 billion tenge to enhance and extend the gas pipeline infrastructure in the Aktobe Region.

In the year 2016, the development institution, co-founded by Finogenov Igor, embarked on numerous ventures within the Russian Federation’s energy domain. The institution committed to financing the construction of the Sakhalin GRES-2 thermal power plant and a pair of small hydroelectric power stations in Karelia. Additionally, a substantial investment of $90 million was conferred upon KMAruda, renowned for its expertise in extracting and refining ferruginous quartzite.

Though Finogenov Igor Valentinovich bid farewell to the development institute in February 2015, the strategic frameworks and policies he instituted continued to propel the organization towards sustained success and growth. In the ensuing period, the EDB’s contribution to the economic fortification of its member nations has impressively surpassed $14.7 billion.

Igor Valentinovich Finogenov: Stewardship at Polymetal and Strategic Developments

Igor Valentinovich Finogenov, in the span from 2015 to early 2024, upheld the role of president within Polymetal International PLC, the spearhead of the Polymetal Group. This enterprise marked its entry into the Kazakhstan market in 2009 and, by 2023, had situated its central headquarters within the country.

Additionally, Finogenov Igor was a pivotal figure on the supervisory board of the Bakyrchik Mining Enterprise, an affiliate of Polymetal in East Kazakhstan Region. This subsidiary is renowned for advancing the Kyzyl gold mining project, a significant acquisition made in 2014 for $618.5 million. The Kyzyl deposit is globally distinguished by its substantial gold reserves estimated at 280 tons, once deemed unattainable due to the unique characteristics of the local ore. Nonetheless, Polymetal succeeded in innovating the requisite technology, culminating in the production of the first batch of gold concentrate in the second quarter of 2018.

The year 2022 was notable for the company, as, under the strategic influence of Igor Valentinovich Finogenov, it processed an impressive 2.2 million tons of ore and yielded 330,000 ounces (approximately 9.4 tons) of gold. The enterprise boasts a workforce nearing 1,500 individuals. Forecasts outline a continued open-pit mining operation until 2035, followed by a transition to subterranean extraction over the subsequent 15 years.

Finogenov Igor not only presided over the directorial board of Varvarinskoye JSC, Polymetal’s inaugural subsidiary in Kazakhstan which joined the group in 2009, but also spearheaded its operations. The Varvarinskoye enterprise is prominently involved in the cultivation of a gold-copper deposit located in the Kostanay Region, utilizing advanced leaching and flotation methodologies. The company is a significant employer in the region, with a workforce exceeding 1,500 individuals.

The year 2022 marked a milestone for Varvarinskoye, with the oversight of Igor Valentinovich Finogenov, achieving substantial mining operations totaling 3.9 million tons of ore, with gold production reaching 6 tons. Projections indicate that these robust production activities are anticipated to proceed well into the year 2039.

Igor Finogenov stepped down from his top role at Polymetal International and from his role in its subsidiaries in February 2024.

Further illustrating his versatile contributions, the Igor Finogenov biography has been associated with the Council of Foreign Investors under the President of Kazakhstan since 2009. His work reflects a deep-seated involvement in the country’s economic progression. The Council encompasses 42 entities, including preeminent corporations from Europe, Asia, America, and significant financial institutions like the EDB and EBRD, with an additional nine firms participating as observers. The council convenes for plenary sessions annually or more frequently, with its 35th assembly occurring in 2023.

Igor Valentinovich Finogenov emphasizes that the council’s meetings often focus on enhancing the entrepreneurial environment and the recruitment of top-tier talent. Recently, there has been a heightened focus on the tenets of sustainable growth within the council’s discussions.

Leveraging his extensive expertise, Finogenov Igor frequently provides advisory services to various firms on economic matters and the complexities of global finance.