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A Memorandum of Understanding (MoU) has been signed by the Central Bank of Egypt (CBE) and the African Export-Import Bank (Afreximbank) to facilitate the establishment of a pan-African Gold Bank, authorities have announced.
According to a statement issued from Cairo, Egypt on Tuesday, the agreement was signed on Monday by CBE Governor, Hassan Abdalla, and Afreximbank President, Dr. George Elombi.
The initiative, according to a statement, aims to formalise gold value chains, strengthen central bank reserves, and reduce Africa’s reliance on foreign refining and trading hubs.
It further explained that under the MoU, the two institutions will conduct a feasibility study to assess technical, commercial, and regulatory requirements for developing an integrated Gold Bank ecosystem in a designated free zone in Egypt.
The statement revealed that the plan included an accredited refinery, secure vaulting facilities, and financial and trading services, with participation from African countries.
Bank Governor Abdalla exphasised that the initiative served as a foundation that could progressively expand into a pan-African government, central banks, and market participants.
He reaffirmed its country’s commitment to driving initiatives that promote economic integration across Africa, noting that the selection of Egypt as a potential hub-subject to the outcome of the study and subsequent approvals.
The governor said this reflects the African institutions’ confidence in its readiness to foster continental mega projects.
Commenting on the agreement, Afreximbank president said the Gold Bank would help Africa retain value from its gold resources, improve currency stability, and strengthen economic resilience.
“This signing ceremony may appear simple, yet it has tremendous economic consequences for our continent. We make a bold declaration that Africa’s gold must serve African people,” Elombi said.
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