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 stands at EGP 9.25 billion and will be through 357-day notes, the CBE said via its official 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. State-run banks are the largest holders of the government’s debt instruments.

The MoF plans to issue T-bonds worth EGP 7 billion and T-bills worth EGP 141 billion in May.

The North African nation plans to finance the state budget deficit by 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.