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.

Total foreign holdings of Egypt’s sovereign debt reached $15.8 billion at the end of February, the country’s finance minister Mohamed Maait previously revealed.

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) by 92% this year.

In addition, 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.