Egypt Offers EGP 16.5bn Worth T-bills on Sunday

The Ministry of Finance will issue treasury bills on Sunday to manage the financing gap for the public budget, with a value of EGP 16.5 billion.

In its report, the Ministry of Finance said that its Public Debt Department will issue these bills within periods of 91 and 266 days, with the same value mentioned.

The report pointed out that the 91-day deadline is scheduled to be sold at a value of EGP 6.5 billion, as well as the 266-day deadline for EGP 10 billion, as part of the government's measures to control the budget deficit and fulfill its obligations.

The Ministry of Finance is seeking to borrow from the local banking system and some foreign financing institutions over the current week, with a total value estimated at EGP 51.5 billion, an increase of 3 billion pounds over what was targeted from those financing tools last week.

The Ministry of Finance said that it had agreed with the Central Bank of Egypt to carry out borrowing operations with this mechanism over the course of 3 periodic bids, which will start Sunday, and then will be followed by the offering of the next Monday and the end of it next Thursday.

With the Ministry of Finance offering treasury bids worth EGP 16.5 billion, it will have two tenders worth 35 billion pounds on Monday and Thursday of this week.