Saudi Arabia has secured a $11 billion syndicated loan as part of the government’s medium-term debt strategy to diversify the country’s funding sources.

The loan has a 10-year term and involves 14 international financial institutions across Asia, the Middle East, Europe, and the US, the National Debt Management Center (NDMC), said in a statement.

The facility reflects the huge interest and confidence in the Saudi Vision 2030 and the kingdom’s high economic resilience, NDMC added.

The facility will be used to accelerate development and infrastructure projects.

(Editing by Seban Scaria