• CBE and Afreximbank sign MoU to establish a Pan-African Gold Bank, formalizing gold value chains and boosting reserves.
• The initiative aims to deepen African trade integration, support domestic manufacturing, and promote sustainable economic development across the continent.
• The project will explore building an integrated Gold Bank ecosystem, including refineries, secure vaults, and trading services across Africa.

Afreximbank

The Central Bank of Egypt (CBE) and African Export–Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) for the establishment of a pan African Gold Bank. This initiative aims to formalise gold value chains, strengthen Central Bank reserves, and reduce Africa’s reliance on foreign refining and trading hubs. 

The establishment of the Gold Bank programme is in line with Egypt’s vision to expand partnerships and strengthen mutual collaboration with African states across diverse fields. It also aligns with Afreximbank’s focus on promoting and accelerating value addition and mineral processing.

This MoU was signed during a ceremony held at the Central Bank of Egypt. It was signed by the Governor of the Central Bank of Egypt (CBE), H.E. Mr. Hassan Abdalla. It was also signed by the President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi. 

Gold Bank

The partnership builds on a shared vision between the CBE and Afreximbank to support domestic manufacturing and enhance sustainable development. It also aims to deepen regional financial and trade integration and foster a robust African economic ecosystem. 

Under this MoU, the two institutions will collaborate on commissioning a feasibility study.  The study is to assess the technical, commercial, and regulatory requirements for developing an integrated Gold Bank ecosystem in a designated free zone in Egypt, with the participation of African countries. This includes the establishment of an internationally accredited refinery, secure vaulting facilities, and associated financial and trading services. 

The initiative also targets the expansion of its scope across the continent. Additionally, it is targeting the engagement of governments, central banks, mining companies, and industry stakeholders to strengthen institutional collaboration. It also aims to harmonize best practices and facilitate the sustainable trade of gold and related services across Africa.