Egypt’s finance ministry has announced its success in attracting offers for treasury bonds worth EGP 1 billion.

The finance ministry has accepted offers worth EGP 5.8 billion, while the offers were four times higher than the five-years bonds’ targeted value, and were triple the the ten-years bonds’ targeted value.

The ministry said in a statement on Tuesday that the results were higher than anticipated and reflected foreign investors’ confidence in the stability and strength of Egypt’s economy, and the success of Egypt’s inclusive economic and social program.

“This success proves the positive outlook that Egypt enjoys among international, regional, and local banks and investment funds which have bet on Egypt’s ability to achieve more success and improve all economic and financial indicators. These have already seen a marked improvement through a reduction in the budget deficit, and unemployment and inflation rates,” read the statement.

The finance ministry offered five-year and ten-year treasury bonds worth EGP 1 billion with an interest rate of less than 14.5 percent. It received EGP 9 billion in offers.

The debt to GDP ratio has fallen from 108 percent by the end of 2017 to 90.2 percent in June.

The government is targeting a rate of 83 percent by the end of June next year, and 77.5 percent by the end of June 2022, with expanded prolonged maturities of four years in the current fiscal year, instead of five years in previous periods.