Central Bank of Egypt and Afreximbank Sign MoU to Establish Pan-African Gold Bank Program in Egypt

The agreement sets out a feasibility study for an integrated Gold Bank ecosystem in an Egyptian free zone, including refining, vaulting, and related services.

CBE and Afreximbank Sign MoU in Cairo

The Central Bank of Egypt (CBE) and African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) for the establishment of a pan-African Gold Bank programme in Egypt. The MoU was signed in Cairo on 30 December 2025.

According to Afreximbank, the initiative is intended to “formalize gold value chains, strengthen Central Bank reserves and reduce Africa’s reliance on foreign refining and trading hubs.”

Afreximbank also states the program aligns with “Egypt’s vision to expand strategic partnerships and strengthen mutual collaboration with African states across diverse fields,” and with Afreximbank’s “focus on promoting and accelerating value addition, and strategic mineral processing.”

Signatories and Stated Collaboration Scope

The MoU was signed by H.E. Mr. 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.

Under the MoU, the two institutions will collaborate on commissioning a feasibility study 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. The stated components include “an internationally accredited refinery, secure vaulting facilities, and associated financial and trading services.”

Expansion Ambitions and Leadership Comments

For Afreximbank the initiative serves to expand its scope across the continent and engaging governments, central banks, mining companies, and other stakeholders to strengthen institutional collaboration, harmonize best practices, and facilitate the sustainable trade of gold and related services across Africa.

Commenting on the agreement, Abdalla said the initiative could expand into a pan-African framework and noted Egypt’s potential role as a hub is “subject to the outcome of the study and subsequent approvals.” Afreximbank adds that Egypt’s geographic location positions it to serve as “a natural hub for regional gold trade and financial innovation.”

Dr. George Elombi said: “Today’s 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. 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. By effectively building up the gold stock, as other major economies have done, we enhance the continent’s resilience, minimize vulnerability to external shocks, improve currency stability and convertibility, and create wealth within the continent.”

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