Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 2.25 billion on Monday in coordination with the Ministry of Finance (MoF) to finance the budget deficit.

The first tranche of T-bills will be offered through five-year notes at EGP 1.15 billion, while the second offering will be through ten-year notes at EGP 1 billion.

Egyptian debt instruments are attracting a large number of foreign investors, especially treasury bills, as the return on bonds exceeded 20%.

Cost of debt surged 30% to about EGP 316.6 billion in fiscal year 2016/2017, compared to EGP 243.6 billion in the prior fiscal year.

Hinging on the debt instruments has aggravated the cost of debt on the general budget to reach EGP 380 billion in 2018, compared to estimations of EGP 311 billion in 2017.