The Central Bank of Egypt (CBE) and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to establish a pan-African Gold Bank, a strategic initiative aimed at formalising gold value chains, strengthening central bank reserves, and reducing Africa’s reliance on foreign refining and trading hubs.
The agreement was signed at the CBE headquarters by Governor Hassan Abdalla and Afreximbank President George Elombi. The initiative aligns with Egypt’s broader strategy to expand regional partnerships and support economic integration across Africa, while advancing Afreximbank’s goal of promoting value addition and strategic mineral processing on the continent.
Under the MoU, the two institutions will commission a feasibility study to assess technical, commercial, and regulatory requirements for developing an integrated Gold Bank ecosystem in a designated Egyptian free zone. The plan includes establishing an internationally accredited refinery, secure vaulting facilities, and financial and trading services, with participation from African countries.
The programme is intended to expand across the continent, engaging governments, central banks, mining companies, and industry stakeholders. Officials said it will support domestic manufacturing, harmonise best practices, and facilitate sustainable trade of gold and related services in Africa.
Egypt was chosen as a potential hub due to its strategic geographic location at the crossroads of Africa, the Middle East, and Europe. The MoU marks a major step toward retaining the value of Africa’s gold resources on the continent, strengthening financial stability, and boosting economic resilience.
The CBE and Afreximbank have maintained a long-standing partnership, with Egypt as the Bank’s largest shareholder and host. The Gold Bank initiative is expected to be a cornerstone for pan-African economic cooperation and the sustainable development of the region’s mineral resources.
