The Association of Financiers of Kazakhstan published a lending review: in the first eight months of 2026, corporate loan disbursements rose 19.6% to 15.8 trillion tenge. The share of companies planning to take out a loan remained virtually unchanged after nine months at 14.7%.
Three sectors drove the lending growth: industry accounted for 42% of the increase, trade for 31%, and construction for 12%. The total business loan portfolio expanded by 6.1% to 19.6 trillion tenge.
Banks remain the primary funding source: out of 25.3 trillion tenge in corporate debt, 16.4 trillion tenge (65%) came from second-tier banks. The Development Bank of Kazakhstan (DBK) provides another 13%, while around 22% comes from Baiterek NMH subsidiaries and microfinance organizations.
Corporate lending concentration is declining, with the top three banks’ share dropping from 72.4% to 70.2%. Weighted average interest rates fell most noticeably in telecommunications (by 6.7 pp), construction (by 2.8 pp), and industry (by 1.6 pp).