Egypt’s Central Bank said €695 million ($770.27 million) one-year euro-denominated treasury bills will be launched on Monday (November 11).

Egypt sold €610 million ($676.12 million) one-year euro treasury bills at an average yield of 1.49 per cent in a similar bid last August.

On Sunday, the CBE sold treasury bills in the local market for a total value of EGP 16.5 billion (about one billion dollars).

Egypt’s foreign debt figures do not include foreign investments in domestic treasury bills and bonds, which, according to the central bank, amounted to $15.2 billion at the end of September.

Egypt’s Central Bank said on Wednesday that net foreign reserves rose to $45.247 billion in October from $45.118 billion in September.

The Egyptian cabinet on Wednesday approved an additional $500 million in World Bank funding for the Comprehensive Social Housing Finance Programme.

Egypt has a difficult foreign debt repayment schedule for the next two years, and the country is trying to expand its investor base, extend maturities and borrow at lower interest rates.

The country’s total external debt rose 17.3 per cent year-on-year to $108.70 billion at the end of June.