Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.5 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 9 billion, while the second tranche amounts to EGP 9.5 billion and will be offered through 357-day notes, the CBE said via its official website.

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

Previously, Egyptian finance minister Mohamed Maait stated that total foreign holdings of Egypt's sovereign debt reached $15.8 billion at the end of February.

Egypt’s debt instruments 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 North African state aims to cut debt-to-gross domestic product (GDP) to 92% this year.

Moreover, the MoF previously revealed plans to finance the general 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.