Kuwait began accepting bids on Tuesday for the sale of U.S. dollar-denominated bonds in three tranches, with maturities of 3, 5, and 10 years, according to the International Fixed Income Reporter (IFR).

This marks Kuwait’s first international dollar bond sale in eight years and follows the Cabinet’s approval in March of a new public debt law. The legislation, which had been stalled for years due to political disagreements, paves the way for the government to access foreign financing. Under the law, Kuwait may borrow up to $99 billion over 50 years to help cover budget deficits and fund infrastructure projects.

Initial price guidance for the bonds was set at 70 basis points above comparable U.S. Treasuries for the three-year tranche, 75 basis points for the five-year tranche, and 85 basis points for the 10-year bonds.