Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 17.2 billion on Sunday, on behalf of the Ministry of Finance (MOF).

The first tranche of the T-bills will be offered through 91-day notes at EGP 8.5 billion, while the second offering will be through 266-day notes at EGP 8.7 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 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.

Egyptian finance minister Mohamed Maait previously stated that total foreign holdings of Egypt's sovereign debt reached $15.8 billion in February.

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 North African state aims to slash debt-to-gross domestic product (GDP) by 92% this year.

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.