The Egyptian government intends to offer treasury bills, bonds and sukuk worth a combined EGP 2.703trn during the third quarter of fiscal year (FY) 2025/2026, according to data published by the Ministry of Finance.
The planned issuances, which will be executed by the Central Bank of Egypt (CBE) on behalf of the government, are aimed at refinancing maturing debt instruments and financing the state’s general budget deficit.
Under the plan, the CBE will conduct 106 tenders during the quarter, including 52 treasury bill tenders worth EGP 2.15trn, 48 treasury bond tenders valued at EGP 519bn, and six sukuk tenders totalling EGP 34bn.
Issuances are scheduled to amount to EGP 816bn in January, EGP 843bn in February, and EGP 1.044trn in March, according to the ministry’s data.
Treasury bills will include EGP 325bn with a 91-day maturity, EGP 530bn with a 182-day maturity, and EGP 615bn with a 273-day maturity. In addition, 364-day treasury bills worth EGP 680bn are scheduled to be issued during the quarter.
On the bond side, the government plans to issue two-year treasury bonds worth EGP 151bn, including EGP 35bn with variable interest rates. Three-year bonds worth EGP 271bn are also planned, including EGP 9bn with variable returns, alongside five-year bonds valued at EGP 97bn, of which EGP 16bn will carry variable returns.
The issuance programme further includes six local sukuk tenders with fixed returns, with a total value of EGP 34bn.
Banks operating in the Egyptian market remain the largest investors in treasury bills and bonds regularly issued by the government to finance the general budget deficit. These instruments are offered through 15 banks participating in the Primary Dealers system in the primary market, which then resell part of the issuances in the secondary market to individual and institutional investors, both domestic and foreign.
In a previous statement, Prime Minister Mostafa Madbouly said the government is targeting a reduction in public debt as a percentage of GDP to levels not seen in Egypt for around 50 years. He noted that efforts are already underway, particularly as interest rates begin to decline.
Minister of Finance Ahmed Kouchouk has also stressed the government’s commitment to allocating a significant share of the exceptional proceeds from recent investment deals directly towards reducing public debt. He said the government has already succeeded in cutting budget-sector debt by around 10% of GDP over the past two years.
Meanwhile, the Ministry of Finance’s Media Observatory clarified that each issuance of local debt instruments is matched by corresponding repayments and redemptions of previously issued tenders, ensuring continued management of the government’s debt obligations.
