Egyptian Finance to Borrow EGP 76.5 bln from Banks By Oct

The Egyptian Finance Ministry is planning to borrow EGP 76.5 billion throughout offering Treasury bills and bonds with various maturities within the coming of October, in compared to EGP 53.5 billion in October 2012.

The Ministry has explained in its timetable that the short-term maturities which targeted to raise during October reached EGP 60 billion, in compared to medium and long-maturities which worth EGP 16.5 billion and this is a burden on debts in general as it exceeded EGP 1.4 trillion at the end of June and Amwal Al Ghad get one copy of this plan.

The timetable has pointed out that the Ministry is intending to offer 91-and182-day treasury bills with EGP 10, 12.5, 17.5 and 20 billion respectively, in addition offering 3-and5- years , 7-and-10 years worth EGP 4.5,3, 3, 3 billion respectively.

The Ministry said that treasury bonds of   29 September 2016 will be sold in October 1 2013 worth EGP 1.5 billion, and the half-yearly coupons will be distributed on March29 and September29 of every year until the maturity date, beside the issuance of treasury bonds up EGP 1.5 billion of  November 8 2018, the half-yearly coupons will be distributed on November8 and May8 of each year till the maturity date.

The Ministry succeeded in offering new product from 18-month zero-coupon bonds worth EGP 2 billion within the last month, targeting to offer the same maturities in the next October7.

In the recent months, the government has sold treasury bills and bonds significantly, as the borrowed volume registered EGP 200 billion within the first three months, in order to meet with their financing needs to bridge the budget deficit and benefits.