Kazakh corporate loan portfolio reaches 19.5 trillion tenge; 59% of new lending is working capital
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.
What's Next
The National Bank of Kazakhstan’s next base-rate decision is likely to show whether the current 17% rate continues to favor working-capital borrowing over fixed investment. It remains unclear whether bank lending to construction and fixed assets will recover without a rate reduction.
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Kazakh corporate loan portfolio reaches 19.5 trillion tenge; 59% of new lending is working capital
