Foreign holdings of Egyptian debt increased to EGP 91.8 bn

Foreign investors have reportedly grown their holdings of Egyptian treasuriesto EGP 91.8 bn since the EGP float, Al Borsa reports, citing government sources. Foreign investors snapped up EGP 1.4 bn in T-bills in Sunday’s offering alone, the newspaper said on Wednesday. By Bloomberg’s last count (citing the Finance Ministry), the figure was EGP 79 bn as of March, a rate of government borrowing already 11% higher than this year’s target and 18% over budget. The pace of borrowing may have slowed down at Tuesday’s sale, where the government reduced its offering of 5 and 10-year bonds, borrowing EGP 1 bn from an initial target of EGP 1.5 bn, according to Al Borsa.