This strategic initiative aims to formalize gold value chains, strengthen Central Bank reserves and reduce Africa’s reliance on foreign refining and trading hubs.
CAIRO, Egypt – The Central Bank of Egypt (CBE) and African Export – Import Bank (Afreximbank) yesterday signed a Memorandum of Understanding (MoU) for the establishment of a pan African Gold Bank. This strategic initiative aims to formalize gold value chains, strengthen Central Bank reserves and reduce Africa’s reliance on foreign refining and trading hubs.
This landmark MoU was signed by the Governor of the Central Bank of Egypt (CBE), H.E. Mr. Hassan Abdalla, and the President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi during a ceremony held at the Central Bank of Egypt.
The establishment of the Gold Bank programme is in line with Egypt’s vision to expand strategic partnerships and strengthen mutual collaboration with African states across diverse fields, as well as Afreximbank’s focus on promoting and accelerating value addition, and strategic mineral processing.
The partnership also builds on a shared vision between the CBE and Afreximbank to support domestic manufacturing, enhance sustainable development, and deepen regional financial and trade integration, fostering a robust and advanced African economic ecosystem.
Under this MoU, the two institutions will collaborate on commissioning 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. This includes the establishment of an internationally accredited refinery, secure vaulting facilities, and associated financial and trading services.
The initiative also targets the expansion of its scope across the continent, the engagement of governments, central banks, mining companies, and industry stakeholders to strengthen institutional collaboration, harmonize best practices, and facilitate the sustainable trade of gold and related services across Africa.
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