Cairo – Mubahser: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) valued at EGP 2.5 billion on Monday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bonds amounts to EGP 1.25 billion and will be offered through three-year notes, whereas the second tranche will be offered through seven-year notes valued at EGP 1.25 billion, the CBE said via its official website.

The issuance will be used to finance the country’s budget deficit.

At the end of July, foreign holdings of Egyptian debt instruments amounted to $20.1 billion, board member of the CBE Fakhry El Fekki previously told Mubasher.

The government seeks to lower debt to gross domestic product (GDP) ratio to 82.5% at the end of June 2020 and 77.5% by the end of June 2022.