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.
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