Egypt to Borrow EGP79.5bln from Local Market before Sept-End: Ministry

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 Egyptian Finance Ministry said the government is aiming to borrow EGP79.5 billion from the local market before the end of September 2014.

The government is targeting to issue treasury bills and bonds with an increase by EGP 1 billion compared to the plan for Q1of the current fiscal year and by EGP 17.5 billion compared with September 2013.

Meanwhile, the country’s public debt has neared EGP 2 trillion, amid worries it may increase. The ministry has targeted a financing plan of EGP 220 billion in Q1-14/15; EGP 78 billion in July, EGP 63.5 billion in August and EGP 78.5 billion in September.