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 establish a pan-African Gold Bank programme in Egypt, a move aimed at formalising gold value chains, strengthening central bank reserves, and reducing Africa’s dependence on foreign refining and trading hubs.

The landmark agreement was signed by the Governor of the Central Bank of Egypt, H.E. Mr Hassan Abdalla, and the President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, during a ceremony at the Central Bank of Egypt.

The initiative aligns with Egypt’s vision to expand strategic partnerships and deepen collaboration with African countries across multiple sectors, as well as Afreximbank’s mandate to promote value addition and accelerate strategic mineral processing on the continent.

It also reflects a shared ambition by both institutions to support domestic manufacturing, advance sustainable development, and strengthen regional financial and trade integration, contributing to a more resilient and sophisticated African economic ecosystem.

Under the MoU, the CBE and Afreximbank will jointly commission a feasibility study to evaluate the technical, commercial and regulatory requirements for developing an integrated Gold Bank ecosystem within a designated free zone in Egypt, with the participation of African countries. The proposed ecosystem would include an internationally accredited gold refinery, secure vaulting infrastructure, and related financial and trading services.

The programme is designed with a continental outlook, seeking to engage African governments, central banks, mining companies, and industry stakeholders. Its objective is to reinforce institutional cooperation, harmonise best practices and enable the sustainable trade of gold and associated services across Africa.

Commenting on the agreement, Mr Hassan Abdalla said the initiative provides a foundation that could gradually evolve into a fully pan-African framework involving governments, central banks and market participants across the continent. He reaffirmed Egypt’s commitment to driving initiatives that foster African economic integration, adding that Egypt’s consideration as a potential hub—subject to the outcomes of the feasibility study and regulatory approvals—demonstrates confidence in its capacity to host major continental projects. He noted 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.

Speaking at the signing ceremony, Dr George Elombi highlighted the shared commitment of both institutions to close collaboration, coordinated use of resources and the promotion of financial stability in support of sustainable economic prosperity across Africa.

Dr Elombi said “Today’s ceremony may appear simple, yet it has tremendous economic consequences for our continent. We make a bold declaration that Africa's gold must serve African people. This MoU, which is part of Afreximbank's vision to make Africa’s resources benefit Africans, creates an African Gold Bank that will help us to begin to fundamentally alter the way we extract, refine, manage, value, store, and trade our gold resources, with the primary aim of retaining value on the continent. By effectively building up the gold stock, as other major economies have done, we enhance the continent’s resilience, minimise vulnerability to external shocks, improve currency stability and convertibility, and create wealth within the continent.”

Afreximbank and the Central Bank of Egypt have maintained a long-standing relationship, with Egypt serving as the Bank’s host country and largest shareholder.