By Ayomide Otitoju
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 aimed at formalising gold value chains, strengthening central bank reserves, and reducing Africa’s reliance on foreign refining and trading hubs.
The MoU was signed by the Governor of the Central Bank of Egypt, Mr. Hassan Abdalla, and the President and Chairman of Afreximbank, Dr. George Elombi, during a ceremony held at the CBE headquarters.
The initiative aligns with Egypt’s strategy to deepen strategic partnerships with African countries across multiple sectors, as well as Afreximbank’s mandate to promote value addition and strategic mineral processing on the continent. It also reflects a shared vision to support domestic manufacturing, advance sustainable development, and strengthen regional financial and trade integration.
Under the agreement, both institutions will collaborate on 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 countries. The proposed ecosystem will include an internationally accredited gold refinery, secure vaulting facilities, and related financial and trading services.
The initiative is also expected to expand across the continent, engaging governments, central banks, mining companies, and other industry stakeholders to enhance institutional collaboration, harmonise best practices, and promote sustainable gold trade and services within Africa.
Speaking at the signing, Mr. Abdalla said the initiative could gradually evolve into a fully pan-African framework involving governments, central banks, and market participants. He reaffirmed Egypt’s commitment to advancing Africa’s economic integration, noting that Egypt’s consideration as a potential hub—subject to feasibility outcomes and approvals—underscores confidence in its capacity to host major continental projects. He added that Egypt’s strategic location at the intersection of Africa, the Middle East, and Europe positions it as a natural centre for regional gold trade and financial innovation.
Dr. Elombi described the agreement as a transformative step for the continent, stressing that Africa’s gold resources should primarily benefit Africans. He said the proposed African Gold Bank would help reshape how the continent extracts, refines, stores, values, and trades gold, with the goal of retaining more value within Africa. According to him, building up gold reserves would enhance economic resilience, reduce exposure to external shocks, improve currency stability, and create wealth across the continent.
Afreximbank and the Central Bank of Egypt have maintained a longstanding partnership, with Egypt serving as the bank’s largest shareholder and host country.
