The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16.25 billion on Sunday on behalf of the Ministry of Finance (MOF).

The first tranche will be offered through 91-day notes at EGP 8.25 billion, while the second offering will be through 273-day notes worth EGP 8 billion, the CBE said via its official website.

The issuance will be used to finance the budget deficit, the CBE added.

Egypt’s bourse and banks will closed for three days for the Eid Al Adha holiday starting Monday, 20 August until Wednesday, 22 August.

Egypt’s debt instruments, particularly T-bills, are attractive to foreign investors owing to their high yield.

State-run banks are the largest holders of the government’s debt instruments.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.

The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or by $1.8 billion, to $80.8 billion in the first quarter of FY17/18.

-Mubasher