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 first tranche of the T-bills will be offered through 182-day notes at EGP 8.75 billion, while the second tranche amounts to EGP 9.25 billion and will be through 364-day notes, the CBE said in a statement on its website.

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

Egypt’s debt instruments, especially T-bills, are seen as attractive to foreign investors owing to their high yield. Egyptian state-run banks are the largest holders of the government’s debt instruments.

The North African state aims to slash debt-to-gross domestic product (GDP) by 92% in fiscal year 2018/2019, along with financing the state budget deficit by EGP 511.2 billion.

The MOF previously stated it aims 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 EGP 101.6 billion bonds in FY18/19.