CBE and Afreximbank sign MoU to establish pan-African Gold Bank, boost resilience

The Gold Bank initiative aligns with Egypt’s long-term vision to expand strategic partnerships with African nations and deepen regional cooperation across economic and industrial domains.

The Central Bank of Egypt (CBE) and the African Export–Import Bank (Afreximbank) have signed a landmark Memorandum of Understanding (MoU) to establish a pan-African Gold Bank, a transformative initiative aimed at formalising gold value chains, strengthening central bank reserves, and reducing Africa’s dependence on foreign refining and trading hubs.

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

A Strategic Step Toward African Financial Sovereignty

The Gold Bank initiative aligns with Egypt’s long-term vision to expand strategic partnerships with African nations and deepen regional cooperation across economic and industrial domains. It also reinforces Afreximbank’s commitment to value addition, mineral beneficiation, and the creation of structured, transparent markets for Africa’s commodity wealth.

The initiative builds on a shared agenda between CBE and Afreximbank to advance domestic manufacturing, enhance sustainable development, and promote greater regional financial and trade integration—laying the foundation for a stronger, more self-reliant African economic ecosystem.

Establishing a Continental Gold Ecosystem

Under the MoU, both institutions will jointly commission a feasibility study to examine the technical, commercial and regulatory requirements for developing an integrated Gold Bank ecosystem within a designated free zone in Egypt. The ecosystem would involve:

• An internationally accredited gold refinery

• Secure, high-standard vaulting facilities

• Supporting financial, trading and settlement services

• Participation from African countries, central banks and private sector stakeholders

The project is designed to evolve into a continent-wide initiative, harmonising best practices, strengthening institutional cooperation and enabling sustainable trade in gold and gold-related services across Africa.

Positioning Egypt as a Regional Hub

Commenting on the agreement, Governor Hassan Abdalla said the initiative could become the basis of a wider pan-African framework involving governments, central banks and market players. He emphasised Egypt’s commitment to promoting economic integration and noted that Egypt’s potential selection as the hub—pending study outcomes and regulatory approvals—demonstrates confidence in its capacity to support large-scale, continental projects.

With its geostrategic location connecting Africa, the Middle East and Europe, Egypt is well positioned to serve as a natural centre for regional gold trade, refining, and financial innovation.

A Vision to Retain Africa’s Gold Wealth

Speaking at the signing ceremony, Dr. George Elombi reaffirmed the joint commitment to building a Gold Bank that strengthens financial stability and drives sustainable prosperity across Africa.

He stated:

“Today’s ceremony may appear simple, yet it has tremendous economic consequences. We make a bold declaration that Africa's gold must serve African people. This MoU creates an African Gold Bank that will fundamentally shift how we extract, refine, manage, store and trade our gold—with the aim of retaining value within the continent.”

Dr. Elombi added that building up Africa’s strategic gold stock, as major economies have done, will enhance economic resilience, reduce vulnerability to external shocks, improve currency stability and convertibility, and contribute to long-term wealth creation across the continent.

A Strong and Enduring Partnership

The MoU further strengthens the long-standing relationship between Afreximbank and the Central Bank of Egypt. Egypt remains the Bank’s largest shareholder and host country, underscoring the deep institutional ties that have supported strategic cooperation over the years.

The establishment of a pan-African Gold Bank represents a bold step toward a more self-sufficient, integrated and prosperous Africa, giving the continent greater control over one of its most valuable natural resources.