Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 2.75 billion on Monday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bills will be offered through five-year notes at EGP 1.5 billion, while the second offering will be through 10-year notes at EGP 1.25 billion, according to the CBE’s official website.

The issuance will be used to finance the budget deficit, the CBE said.

Egypt’s debt instruments, especially treasury bills, are attractive to foreign investors owing to their high yield.

State-run banks are the largest holders of the government’s debt instruments.

The CBE had previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of fiscal year 2017/2018.