State-led utility Saudi Electricity Company (SEC) is borrowing a further $2.6bn from eight international banks to help fund its electricity generating and supply capacity expansion, taking the total amount it has borrowed since 2007 to $38.8bn.

The latest loan, a one-year international syndicated bridge unsecured facility, means that less than four weeks into 2018, this year is already the fourth highest on record in terms of SEC borrowing. SEC first tapped the international finance market in 2007. The latest $2.6bn loan is already more than half way to the record for non-government lending of $5.1bn set in 2016. (CONTINUED - 764 WORDS)