Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 7 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds amounts to EGP 3.75 billion and will be offered through three-year notes, while the second tranche will be offered through seven-year notes valued at EGP 3.25 billion, the CBE said.

The issuance will be used to finance the country’s budget deficit. State-owned banks are the top holders of the government debt instruments.

Previously, the finance ministry revealed that it aims to diversify its financing sources and expand into long-term debt instruments.

At the end of June 2019, Egypt’s public debt to gross domestic product (GDP) ratio fell to 90.5% from 98% a year earlier.