Cairo – Mubasher: The Egyptian government received purchase offers worth EGP 9 billion for five-year and ten-year treasury bonds (T-bonds).
The Central Bank of Egypt (CBE) accepted on Monday offers valued at EGP 5.8 billion, exceeding the target of EGP 2.5 billion, according to a statement released by the Ministry of Finance (MoF) on Tuesday.
The yield on the issue reached 14.5%, the statement added.
This reflects the confidence of foreign investors in the Egyptian economy thanks to the economic reform programme implemented by the government.
Moreover, the Egyptian government managed to slash public debt to gross domestic product (GDP) rate to 90.2% in June from 108% in June 2017, with plans to reach 83% by the end of June 2020 and 77.5% by the end of June 2022.
