Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance.

The first tranche of the T-bills stands at EGP 10 billion and will be offered through 182-day notes, while the second tranche will be offered through 364-day notes valued at EGP 10.5 billion, according to data released by the CBE.

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

The finance ministry previously revealed plans to diversify its financing sources and expand into long-term debt instruments instead of short-term borrowing.