Egypt and Afreximbank sign MoU to establish pan-African gold bank

The Central Bank of Egypt and African Export–Import Bank have signed a memorandum of understanding to advance the establishment of a pan-African Gold Bank, a move aimed at reshaping how gold is refined, stored and traded across the continent.

The agreement was signed at the Central Bank of Egypt by CBE Governor Hassan Abdalla and Afreximbank President and Chairman George Elombi, marking a strategic step toward strengthening Africa’s financial sovereignty and mineral value chains.

The proposed initiative seeks to formalize gold markets, reinforce central bank reserves and reduce Africa’s dependence on foreign refining and trading hubs, aligning with broader efforts to retain more value from the continent’s natural resources.

The MoU reflects Egypt’s strategy to expand partnerships with African states, while supporting Afreximbank’s mandate to accelerate value addition and strategic mineral processing.

Building an integrated gold ecosystem

Under the agreement, the two institutions will jointly commission a feasibility study to evaluate the technical, commercial and regulatory requirements for developing an integrated Gold Bank ecosystem within a designated free zone in Egypt.

Plans under consideration include the establishment of an internationally accredited gold refinery, secure vaulting infrastructure and a suite of financial and trading services designed to support regional and continental gold markets.

The initiative is intended to expand beyond Egypt, engaging African governments, central banks, mining companies and industry stakeholders to harmonize standards, strengthen institutional cooperation and enable the sustainable trade of gold and related services across Africa.

Economic integration and continental value retention

Abdalla said the project could evolve into a fully pan-African framework, involving governments, monetary authorities and market participants across the continent. He noted that Egypt’s potential role as a hub, subject to study outcomes and approvals, reflects confidence in its readiness to host large-scale continental projects.

With its geographic position linking Africa, the Middle East and Europe, Egypt is viewed as well placed to support regional gold trade and financial innovation.

Elombi described the MoU as a decisive step toward ensuring Africa’s gold benefits African economies. He said building up gold stocks on the continent would enhance resilience, reduce exposure to external shocks, support currency stability and help generate wealth within Africa.

Afreximbank and the Central Bank of Egypt have maintained a long-standing partnership, with Egypt serving as the bank’s largest shareholder and host.