Saudi Arabia is planning to raise $11 billion from a syndicated loan to fund a bevy of investments lined up as part of diversifying its economy, Bloomberg reported.

The kingdom has appointed the Industrial & Commercial Bank of China Ltd (ICBC), the world's largest lender by assets, as coordinator and bookrunner for the long-term senior, unsecured loan, the report said.

The 10-year debt is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate, according to the Bloomberg report.

ICBC has asked interested banks to respond before mid-October, Bloomberg reported.

(Writing by Seban Scaria; editing by Daniel Luiz)