The Central Bank of Egypt has signed an agreement with the African Export–Import Bank (Afreximbank) to establish a pan-African Gold Bank aimed at transforming the continent’s gold value chain.
Under the agreement, Afreximbank and the Central Bank of Egypt will commission a feasibility study to assess the technical, commercial and regulatory requirements for developing an integrated Gold Bank ecosystem within a free zone in Egypt. The proposed ecosystem would include a gold refinery, vaulting infrastructure and gold financing and trading services – reducing reliance on foreign refineries and international trading hubs.
The initiative seeks to accelerate the formalization of Africa’s gold value chain and increase gold reserves held by African central banks, supporting currency stability and greater resilience to external shocks.
“This MoU, which is part of Afreximbank’s vision to make Africa’s resources benefit Africans, creates an African Gold Bank that will help us to begin to fundamentally alter the way we extract, refine, manage, value, store and trade our gold resources, with the primary aim of retaining value on the continent,” said Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank.
Afreximbank and the Central Bank of Egypt plan to engage African stakeholders – including governments, miners, financiers and central banks – in the project and use the initiative as a blueprint for similar schemes across the continent.
The project aligns with Egypt’s strategy to leverage its geographic position to support regional integration and link African markets with Europe and the Middle East.