Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 6.5 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds is valued at EGP 3.5 billion and will be offered through five-year notes, while the second tranche is worth EGP 3 billion and will be offered through 10-year notes, 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.

It is worth mentioning that Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).