Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 1.75 billion on Monday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bonds will be offered through three-year notes at EGP 1 billion, while the second tranche amounts to EGP 750 million and will be through seven-year notes, the CBE said via its official website.

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

Previously, Egypt’s finance minister revealed that total foreign holdings of the country’s sovereign debt registered $15.8 billion in February.

The most populous Arab nation’s debt instruments are seen as attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.