Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 17.5 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 8.75 billion, while the second offering will be through 266-day notes at EGP 8.75 billion, according to the CBE’s official website.

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

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.