Cairo - Mubasher: The Central Bank of Egypt (CBE) on Monday announced that it will issue treasury bonds (T-bills) worth EGP 2.5 billion, together with the Ministry of Finance (MoF), in order to finance the budget deficit.

The bonds will be offered on two installments, the first is valued at EGP 1.5 billion for three years, while the second is valued at EGP 1 billion for seven years, according to the bank’s release.

Egypt’s debt instruments often see a large turnout from foreign investors, particularly in treasury bills, owing to their high yield, with governmental banks being the largest buyers.

Through T-bills, the government borrows money on different timescales.

Debt costs rose 30% to reach EGP 316.6 billion in the fiscal year ended June 2017, compared to EGP 243.6 billion in the prior year.