Saudi Arabia seeking up to US$8b bank loan

Dubai

SAUDI Arabia is seeking a bank loan of between US$6 billion and US$8 billion, sources familiar with the matter told Reuters, in what would be the first significant foreign borrowing by the kingdom's government for over a decade.

Riyadh has asked lenders to submit proposals to extend it a five-year US dollar loan of that size, with an option to increase it, the sources said, to help plug a record budget deficit caused by low oil prices.