Loan portfolios in the EAEU are growing but remain of high quality

Business lending in the countries of the Eurasian Economic Union is accelerating—companies are borrowing more actively, increasing their debt burden. At the same time, however, the quality of loan portfolios remains high.

By the end of the fourth quarter of 2025, corporate debt denominated in local currency had risen in all member states. The most notable growth was in Kyrgyzstan, where the volume of loans increased by 39% at once. In Armenia and Belarus, growth was 20% each, in Kazakhstan—18%, and in Russia—a more modest 11%.

A similar trend is observed for foreign currency loans. In most countries, businesses are also increasing their borrowing. The exceptions were Belarus and Russia, where foreign currency debt, on the contrary, decreased—by 4% and 8%, respectively.

But the main question is not how much they borrow, but how they pay. And here the market looks stable. The share of loans without delinquency remains practically at its maximum: in Kyrgyzstan and Armenia—about 99%, in Belarus—98.7%, in Kazakhstan—97.6%, and in Russia—96.6%.

Thus, the level of non-performing business loans remains minimal—ranging from 1% to 3.4% depending on the country.