CBE, Afreximbank sign MoU to launch pan-African Gold Bank programme in Egypt
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, 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 landmark MoU was signed by CBE Governor Hassan Abdalla and Afreximbank President and Chairperson of the Board of Directors, George Elombi, during a ceremony held at the Central Bank of Egypt.
The proposed Gold Bank programme aligns with Egypt’s vision to expand strategic partnerships and deepen cooperation with African countries across multiple sectors, as well as Afreximbank’s mandate to promote value addition and accelerate strategic mineral processing across the continent.
The partnership reflects a shared commitment by both institutions to support domestic manufacturing, advance sustainable development, and strengthen regional financial and trade integration—laying the foundation for a more resilient and sophisticated African economic ecosystem.
Under the MoU, the CBE and Afreximbank will collaborate on commissioning a feasibility study to assess 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 initiative envisages the establishment of an internationally accredited gold refinery, secure vaulting facilities, and related financial and trading services.
Beyond Egypt, the programme is designed to expand across the continent, engaging governments, central banks, mining companies, and industry stakeholders to enhance institutional cooperation, harmonise best practices, and facilitate the sustainable trade of gold and associated services throughout Africa.
Commenting on the agreement, Hassan Abdalla emphasised that the initiative represents a foundational step towards a broader pan-African framework that could engage African governments, central banks, and market participants. He reaffirmed Egypt’s commitment to advancing initiatives that promote continental economic integration, noting that Egypt’s potential role as a hub—subject to the outcomes of the feasibility study and regulatory approvals—reflects strong confidence in its capacity to host major continental projects. He added that Egypt’s strategic location at the crossroads of Africa, the Middle East, and Europe positions it as a natural hub for regional gold trade and financial innovation.
Speaking at the signing ceremony, George Elombi underscored the joint commitment of both institutions to close collaboration, aligning resources and efforts to promote financial stability and support sustainable economic growth across Africa.
“This signing ceremony may appear simple, yet it carries profound economic implications for our continent,” Elombi said. “It is a bold declaration that Africa’s gold must serve African people. This MoU, which forms part of Afreximbank’s vision to ensure Africa’s resources benefit Africans, lays the foundation for an African Gold Bank that will fundamentally transform how we extract, refine, manage, value, store, and trade our gold. By retaining value on the continent and building gold reserves—as other major economies have done—we enhance resilience, reduce vulnerability to external shocks, strengthen currency stability and convertibility, and generate wealth within Africa.”
Afreximbank and the Central Bank of Egypt share a long-standing partnership, with Egypt serving as both the Bank’s host country and its largest shareholder.
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