Egypt has turned to the domestic market to raise short-term financing of E£17.7bn ($992mn). The finance ministry previously said that it had obtained cabinet approval to raise $3-7bn in foreign bonds on the international market. But a planned $2bn Asian-focused issuance has yet to be finalized.
The Egyptian pound-denominated Treasury bills were sold to local banks in two tranches – the first for E£8.75mn ($489mn) maturing in 182 days and the second for E£9mn ($503mn) maturing in 357 days, with their proceeds earmarked to cover the budget deficit or other fiscal needs. Egypt’s 2018-19 budget projects a deficit of E£439bn ($24.5bn). (CONTINUED - 104 WORDS)