Uganda, Feb. 24 -- Loan approvals to private sector grew during December signaling a decline in credit risks that had dominated much of 2022.

The decline also signals a return of confidence with many businesses and individuals, alike now seemingly able to service loans.

According to data from the Ministry of Finance Performance of the Economy report for January, loan approvals increased to 77.6 percent in December compared to 50.4 percent in November.

This, the report noted, was partly due to lower risks associated with lending reflected by the decline in non-performing loans and the pick-up in economic activity, which was reflected by improvement in economic indicators and business activity.

During the period, data shows, credit to b...