Saudi Arabia is reported to be close to securing a $10bn (£6.9bn) loan deal from international banks as it tries to recover from plunging oil revenues.
Reuters reports the world’s largest oil exporter was aiming to raise up to $8bn, but high demand led the Finance Ministry to increase the amount.
It is the first time it has gone to the international markets since the early 1990s when Iraq invaded Kuwait.
The country’s oil income, its main source of revenue, fell 23% last year.
The loan, which is expected to be finalised at the end of the month, will help Saudi to reduce its reliance on domestic banks and gauge international demand for its debt.
It could also open the way for Saudi to issue an international bond.
The move comes just days after a meeting of the world’s leading oil exporters to discuss capping production ended without agreement.
Saudi Arabia appeared willing to only freeze output if all Opec members agreed, including Iran.
But Iran maintained it would continue the increase in oil production it has followed since economic sanctions were lifted earlier this year.
The oil price has fallen almost two thirds since June 2014, driven by a combination of oversupply and competition from US shale oil producers.
The Saudi central bank did not reply to requests for comment.
Source: BBC
