Central Bank of Egypt and Afreximbank Sign MoU to Establish Pan-African Gold Bank Programme
The Central Bank of Egypt (CBE) and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to support the establishment of a pan-African Gold Bank programme in Egypt, aimed at formalising gold value chains, strengthening central bank reserves and reducing Africa’s dependence on foreign refining and trading hubs.
The MoU was signed by the Governor of the Central Bank of Egypt, H.E. Mr Hassan Abdalla, and Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, during a ceremony held at the Central Bank of Egypt.
The initiative aligns with Egypt’s vision to deepen strategic partnerships with African countries and with Afreximbank’s mandate to promote value addition, industrial development and strategic mineral processing across the continent.
Under the agreement, the two institutions will jointly commission a feasibility study to assess the technical, commercial and regulatory requirements for developing an integrated Gold Bank ecosystem in a designated free zone in Egypt, with the participation of African states.
The proposed ecosystem would include an internationally accredited gold refinery, secure vaulting facilities and related financial and trading services.
The programme also aims to expand its reach across Africa by engaging governments, central banks, mining companies and industry stakeholders to strengthen institutional collaboration, harmonise best practices and facilitate the sustainable trade of gold and associated services.
Speaking at the signing ceremony, Mr Abdalla said the initiative could evolve into a broader pan-African framework that brings together governments, central banks and market participants.
He noted that Egypt’s strategic location at the crossroads of Africa, the Middle East and Europe positions the country as a natural hub for regional gold trade and financial innovation, subject to the outcome of the feasibility study and regulatory approvals.
Dr Elombi said the agreement marked a significant step towards ensuring Africa’s gold resources deliver greater value for the continent. “This initiative will help transform how Africa extracts, refines, stores and trades its gold, with the primary objective of retaining value within the continent,” he said.
He added that building up Africa’s gold reserves would enhance economic resilience, improve currency stability and reduce vulnerability to external shocks.
The partnership builds on the long-standing relationship between Afreximbank and Egypt, which is the Bank’s largest shareholder and host country.
Afreximbank is a pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. Headquartered in Cairo, the Bank plays a central role in supporting Africa’s industrialisation, trade integration and implementation of the African Continental Free Trade Area.
