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Wed 9 Mar 2016 11:07 AM

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Saudi Arabia to seek for $6-8bn loan from banks

Banks asked to submit proposals with an option to increase the size

Saudi Arabia to seek for $6-8bn loan from banks

Saudi Arabia's government has asked banks to submit proposals to extend it a five-year, US dollar loan of between $6 billion and $8 billion, with an option to increase the size, sources familiar with the matter told Reuters on Wednesday.

Earlier this month, it was reported that Saudi Arabia had asked banks to discuss the idea of an international loan, but details such as the size and tenor were not specified.

The sources declined to be named because the matter is not public. Calls to the Saudi finance ministry and central bank seeking comment on Wednesday were not answered.

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