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, marking a major milestone in Africa’s efforts to strengthen gold value chains and retain
mineral wealth within the continent The strategic initiative aims to formalise gold production and
trading, strengthen central bank gold reserves, and reduce Africa’s dependence on foreign refining
and trading hubs, while supporting sustainable economic development across African economies
High-Level Signing Ceremony in Cairo
The MoU was signed at the headquarters of the Central Bank of Egypt in Cairo by H E Mr Hassan
Abdalla, Governor of the Central Bank of Egypt, and Dr George Elombi, President and Chairman of
the Board of Directors of Afreximbank, during an official signing ceremony attended by senior
representatives from both institutions
Aligning with Egypt’s Vision and Afreximbank’s Strategic Priorities
The establishment of the Gold Bank programme aligns with Egypt’s national vision to expand
strategic partnerships and deepen cooperation with African countries across key economic sectors
It also supports Afreximbank’s mandate to promote value addition, strategic mineral processing
and industrial development across Africa The partnership reflects a shared commitment to domestic
manufacturing, sustainable development, and regional financial and trade integration, contributing to
the creation of a resilient and advanced African economic ecosystem
Integrated Gold Bank Ecosystem in a Free Zone in Egypt
Under the terms of the MoU, the Central Bank of Egypt and Afreximbank will jointly
commission a comprehensive feasibility study to assess the technical, commercial, and
regulatory requirements for establishing an integrated Gold Bank ecosystem in a designated
free zone in Egypt, with the participation of African countries
The proposed ecosystem includes
An internationally accredited gold refinery
Secure gold vaulting and storage facilities
Specialised financial services linked to gold
Advanced gold trading and market infrastructure
Pan-African Scope and Institutional Collaboration
The initiative is designed to expand across the African continent by engaging governments
central banks, mining companies, and industry stakeholders This approach aims to harmonise
best practices, strengthen institutional collaboration, and facilitate sustainable gold trade and
related financial services within Africa
CBE Governor: Egypt Positioned as a Regional Gold Hub
Commenting on the agreement, Mr Hassan Abdalla, Governor of the Central Bank of Egypt
stated that the initiative represents a foundation for a broader pan-African framework involving
governments, central banks, and market participants He emphasized Egypt’s commitment to driving
African economic integration, noting that Egypt’s selection as a potential hub—subject to feasibility
outcomes and regulatory approvals—reflects strong confidence in the country’s ability to host major
continental projects. With its strategic location linking Africa, the Middle East, and Europe, Egypt is well
positioned to become a regional hub for gold trade and financial innovation
Afreximbank: Africa’s Gold Must Benefit Africans
Speaking at the signing ceremony, Dr George Elombi reaffirmed the joint commitment
of both institutions to align resources and efforts to promote financial stability and sustainable
economic prosperity across Africa He noted that while the MoU may appear simple, its economic
implications are profound The initiative establishes an African Gold Bank that will transform how
Africa extracts, refines, manages, values, stores, and trades gold, with the primary objective of
retaining value within the continent By building strategic gold reserves—similar to practices
adopted by major global economies—the initiative is expected to enhance Africa’s economic
resilience, reduce exposure to external shocks, support currency stability and convertibility
and create long-term wealth across African nations
Strong Institutional Ties Between Egypt and Afreximbank
The Central Bank of Egypt and Afreximbank share a long-standing and strong partnership
Egypt is Afreximbank’s largest shareholder and hosts the Bank’s headquarters in Cairo, further
reinforcing Egypt’s role as a leading financial and economic hub for Africa