Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 13.25 billion on Thursday in coordination with the Ministry of Finance (MOF) to finance the budget deficit.

The first tranche of T-bills will be offered through 182-day notes at EGP 6.5 billion, while the second offering will be through 364-day notes at EGP 6.75 billion, the CBE added on its official website.

Egyptian debt instruments are attracting large number of foreign investors, particularly T-bills, as the return on bonds exceeded.

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 over the current fiscal year, compared to estimates of EGP 311 billion in the prior fiscal year.