The Ministry of Finance has revealed that financial institutions extended loans to a tune of Shs821bn in August 2021, with borrowers seeking personal loans applying for the biggest chunk of loans.
The Ministry’s revelation is contained in the Performance of Economy Report for September 2021.
“The value of loans approved for disbursement in August 2021 increased to Shs821.42bn from the Shs661.39bn registered in the month before,” the report reads in part, adding: “Personal and Household loans continued to take the biggest share of credit extension, accounting for 30.7% of credit extended in August 2021. This was followed by trade (19.1%), Manufacturing (13.1%) and Agriculture (12.3%).”
There is need to strengthen a business.