Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18 billion on Thursday on behalf of the Ministry of Finance (MOF).

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

The first tranche of T-bills will be offered through 182-day notes at EGP 8.75 billion, while the second offering will be through 357-day notes at EGP 9.25 billion, according to the CBE’s official website.

Egypt’s debt instruments, especially T-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 MOF previously revealed it was aiming to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.

Egypt aims to issue EGP 409.6 billion T-bills and bonds at a value of EGP 101.6 billion in FY 18/19.

The CBE previously indicated that Egypt’s total foreign debt increased 2.3% quarter-on-quarter, or $1.8 billion, reaching $80.8 billion in the first quarter of FY17/18, against $79 billion at the end of June 2017.