Kazakh corporate loan portfolio reaches 19.5 trillion tenge; 59% of new lending is working capital

August 13, 2026 at 03:32 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan’s corporate loan portfolio reached 19.5 trillion tenge in the first half of 2026, up 19.9% from a year earlier, with June issuance at a record 2.5 trillion tenge. But the average corporate loan term is 9.9 months, and 59% of the 11.4 trillion tenge disbursed went to working capital, while fixed-asset and construction lending accounted for about 3%.

The Lending Surge

Kazakh banks’ corporate loan portfolio reached 19.5 trillion tenge at the end of June 2026, a 19.9% increase year on year. Monthly issuance hit 2.5 trillion tenge in June, up 44.8% from May, bringing first-half disbursement to 11.4 trillion tenge. The average loan rate fell to 16.4%, while the share of non-performing loans stood at 3.0%.

Working Capital, Not Fixed Investment

The average term of a corporate loan in Kazakhstan is 9.9 months, and it falls to 7.6 months for large businesses and 4 months for medium-sized firms. Of the 11.4 trillion tenge disbursed in the first half, 59% went to replenish working capital. Lending for fixed assets, construction and reconstruction received about 3%, while construction lending contracted 11.7% year on year.

Investment Funding Gap

Enterprises financed 68.8% of fixed capital investment from their own funds, while bank loans contributed only 4.9%. At a 17% base rate, business borrowing cycles finance current operations rather than long-term investment, according to The Tenge. The National Bank of Kazakhstan’s high base rate continues to drain liquidity from the economy, the analysis concluded.