FRANKFURT: Growth of loans to the private sector in the euro area picked up modestly in February, European Central Bank (ECB) data showed on Tuesday. For the ECB, the statistics are a key indicator of the economic health of the single currency area, as borrowing is a main financing source for corporate investment which in turn should boost the eurozone's currently weak economy. In February, approved loans rose 1.1 per cent from a year ago, slightly faster than growth of 0.8 per cent in January, an ECB statement said. When certain strictly financial transactions are stripped out from the data, trend remained the same — with credit accorded to households and companies up 0.9 per cent in February, compared with 0.6 per cent in January.