10,000 yen bank notes.Bloomberg.
In April 2022, Egypt issued a similar batch of $500 million yen-denominated bonds.
The government periodically issues debt instruments to fund its budget deficit.
Egypt's budget deficit accounted for six percent of its GDP in FY2022/2023.
The country's debt-to-GDP ratio was estimated at 95.6 percent for FY2022/2023. GDP stood at EGP 9.8 trillion ($318.23 billion) that year.
The government has increased its budget deficit estimate to 6.9 percent of GDP for FY2023/2024, which started on 1 July.
Egypt aims to overcome a local shortage of US dollar liquidity and a financing gap estimated at $17 billion through 2026.
In mid-August, the Central Bank of Egypt auctioned €600 million ($656.29 million) worth of treasury bills.