Published
07/18/2025, 10:58The external debt situation remains one of the key risks for non-bank financial and credit institutions (NBFCs) in Kyrgyzstan. At the end of 2024, the total external debt of NBFCs amounted to $106 million.
Almost half of the liabilities are owed to international financial institutions (48.7%), with another 51.3% owed on loans from foreign financial and credit organisations. This indicates the sector's continued dependence on external financing.
Despite a significant reduction in the external debt of the largest players in the sector, which fell by 65.4% to $100.8 million at the end of 2024, NFCOs' dependence on external sources of capital is still considered a weak spot in their financial stability.
The main risks to the sector include not only external debt, but also the quality of the loan portfolio, industry and institutional concentration.
