The Egyptian government plans to issue treasury bills, bonds, and sukuk worth a combined EGP 2.703trn during the third quarter of fiscal year 2025/2026, according to data from the Ministry of Finance. The Central Bank of Egypt will execute these issuances on behalf of the government to refinance maturing debt and fund the state's general budget deficit.
The Ministry of Finance has outlined a plan for 106 tenders in the third quarter, including 52 for treasury bills totaling EGP 2.15trn, 48 for treasury bonds at EGP 519bn, and six for sukuk worth EGP 34bn.
Issuances are set at EGP 816bn in January, EGP 843bn in February, and EGP 1.044trn in March.
Treasury bills will feature EGP 325bn at 91-day maturity, EGP 530bn at 182 days, EGP 615bn at 273 days, and EGP 680bn at 364 days.
For bonds, the plan includes two-year issues worth EGP 151bn (with EGP 35bn at variable rates), three-year bonds at EGP 271bn (including EGP 9bn variable), and five-year bonds valued at EGP 97bn (of which EGP 16bn carry variable returns).
The program also encompasses six local sukuk tenders with fixed returns, totaling EGP 34bn.
Banks in the Egyptian market are the primary investors in these instruments, operating through a system of 15 Primary Dealers who resell portions in the secondary market to domestic and foreign individual and institutional investors.
Prime Minister Mostafa Madbouly previously stated that the government aims to reduce public debt as a percentage of GDP to levels unseen in Egypt for about 50 years, noting ongoing efforts amid declining interest rates.
Finance Minister Ahmed Kouchouk emphasized the government's commitment to directing a significant portion of exceptional proceeds from recent investment deals toward debt reduction, highlighting success in cutting budget-sector debt by around 10% of GDP over the past two years.
The Ministry of Finance's Media Observatory clarified that each local debt issuance is matched by corresponding repayments and redemptions of prior tenders, ensuring sustained management of government debt obligations.
