Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) valued at EGP 18.75 billion on Sunday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bills, worth EGP 9.25 billion, will be offered through 91-day notes, whereas the second tranche amounts to EGP 9.5 billion and will be offered through 273-day notes, the CBE said via its official website.

The issuance will be used to finance the North African nation’s budget deficit, the CBE added.

At the end of May, total foreign holdings of Egypt's public debt instruments reached $17 billion, board member of the CBE Fakhry El Fekki previously told Mubasher.      

In mid-June, net foreign investments in Egypt’s sovereign debt instruments stood at $19.2 billion, deputy finance minister Ahmed Kouchouk said.  

Egypt’s debt instruments are considered attractive to foreign investors due to their high yield. State-owned banks are the largest holders of the government’s debt instruments.