Egypt's Sisi approves EU-funded Green Facility grant agreement    EGP closes stable vs USD on Thursday July 17th    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    EU–US trade talks enter 'decisive phase', German politician says    Sri Lanka's expat remittances up in June '25    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Government intends to borrow EGP 475.5bn from domestic market in Q1 2018/2019
Finance Ministry floated debt instruments worth EGP 1.614tn in FY 2017/2018
Published in Daily News Egypt on 01 - 07 - 2018

Figures obtained by Daily News Egypt indicated the government's intention to expand the process of borrowing from the domestic market, to fill the chronic deficit in the state's budget significantly, during the last quarter of fiscal year (FY) 2018/2019.
According to those figures, the Ministry of Finance intends to offer bids for treasury bills (T-bills) and bonds worth EGP 475.5bn between July and September this year, making it the largest borrowing rate through debt instruments in Egyptian history.
A plan by the Ministry of Finance, obtained by Daily News Egypt, revealed that the government is targeting issuing T-bills worth EGP 433bn and T-bonds worth EGP 42.5bn.
The Central Bank of Egypt (CBE), which is carrying out the task on behalf of the government, is offering bids for T-bonds and bills worth EGP 182bn in July, another tranche of EGP 147bn in August, and EGP 146.5bn in September.
The CBE will float 91-day T-bills worth EGP 108.25bn, 182-day bills of the same value, 273-day worth EGP 105bn, and 364-day bills worth EGP 111.5bn, according to the plan.
The government's plan also includes the issuance of three-year bonds due in July 2021, worth EGP 8bn, another set of three-year bonds due in September 2021, worth EGP 4bn, and five-year bonds due in July 2023, worth EGP 12.5bn.
Moreover, the government will offer seven-year bonds due in August 2025, worth EGP 6bn, eight-year bonds due in July 2026, worth EGP 3bn, and 10-year bonds due in May 2027, worth EGP 9bn.
The government had borrowed about EGP 1.61tn through debt instruments throughout FY 2017/2018.
Between the months of July and September 2017, the government borrowed EGP 371bn, aside from EGP 389.25bn between October and December 2017, EGP 415bn between January and March 2018, and EGP 438.75bn between April and June 2018.
Bonds and bills are issued through 15 banks participating in the primary dealers' system in the primary market, according to an agreement between the government and banks since 2004. Also, these banks sell a portion of these bonds and bills in the secondary market, to individual investors, as well as local and foreign institutions.


Clic here to read the story from its source.