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 amounts to EGP 10 billion and will be offered through 182-day notes, while the second tranche will be offered through 357-day notes valued at EGP 10.5 billion, the CBE said on its official website.

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

Previously, the finance ministry revealed plans to diversify its financing sources and expand into long-term financing instruments instead of short-term borrowing.