Industry Remains the Largest Borrower, Share Falls to 24%

Tashkent, Uzbekistan (UzDaily.com) — As of 1 January 2026, the loan portfolio of Uzbekistan’s commercial banks reached 604 trillion soums, marking a 13% increase compared with the same period of last year.

Sectoral data reveal notable shifts in the structure of lending, reflecting a reallocation of resources toward priority areas of the economy. Industry continues to account for the largest share of the credit portfolio at 142.7 trillion soums, though its share has declined from 29% to 24%. This reflects a reduction in investment in traditional industrial sectors and a broader trend toward diversifying economic activity.

At the same time, agriculture has experienced a 21% increase in lending, reaching 61.1 trillion soums and expanding its share from 9% to 10%. This highlights government measures to support the agrarian sector and its strategic importance for national food security.

Construction has been the most dynamic sector, with loans rising 46% from 13 trillion soums at the beginning of 2025 to 18.9 trillion soums at the start of 2026. Trade and public services saw lending grow by 14% to 43.5 trillion soums, while transport and communications increased by 3% to 33.7 trillion soums, reflecting moderate expansion of infrastructure and service projects.

Loans to individuals grew 24% to 220.3 trillion soums, raising their share of the total portfolio from 33% to 36%. This indicates rising consumer lending and mortgage programs supported by both state and commercial banks. Other sectors, including small and medium-sized enterprises, received 77.2 trillion soums, up 26% from 2025, representing 13% of the overall loan portfolio.

Meanwhile, the housing and utilities sector saw a 20% decline in lending to 1.87 trillion soums, linked to the gradual optimization of financing for state and municipal enterprises. Material supply and distribution showed moderate growth of 13%, reaching 4.75 trillion soums.