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 tranche stands at EGP 8.75 billion and will be offered through 266-day notes, the CBE said via its official website.

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

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

The MoF has planned to issue debt instruments worth EGP 148 billion in May, through issuing T-bonds and T-bills valued at worth EGP 7 billion and EGP 141 billion, respectively.

The most populous Arab nation plans to finance the state budget deficit by EGP 511.2 billion in fiscal year 2018/2019.

Over FY 2018/19, Egypt plans to issue T-bills valued at EGP 409.6 billion and T-bonds worth EGP 101.6 billion.