Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance.

The first tranche will be offered through 91-day notes valued at EGP 9 billion, while the second tranche stands at 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 country’s budget deficit.

Previously, the finance minister Mohamed Maait revealed that the Egyptian government aims to raise the share of long-term debt instruments to 40% at the end of fiscal year 2019/2020.

A survey conducted by Mubasher showed that the North African nation has already started expanding into long-term debt instruments.

The Egyptian government aims to slash public debt to gross domestic product (GDP) ratio to 82.5% by the end of June 2020 and 77.5% by the end of June 2022.