CBE, Afreximbank Sign MoU for Pan-African Gold Bank Programme
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The Central Bank of Egypt (CBE) and African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding on December 29 in Cairo to establish a pan-African Gold Bank programme. CBE Governor Hassan Abdalla and Afreximbank President George Elombi signed the agreement during a ceremony at CBE headquarters.
The MoU commits both institutions to commission a feasibility study assessing technical, commercial, and regulatory requirements for an integrated Gold Bank ecosystem in an Egyptian free zone. The proposed framework includes an internationally accredited refinery, secure vaulting facilities, and financial/trading services to formalise Africa's gold value chains.
Afreximbank President Elombi described the MoU as a "bold declaration that Africa's gold must serve African people," stating it would alter how the continent extracts, refines, manages, values, stores, and trades gold resources. The initiative aligns with Afreximbank's mandate for value addition and Egypt's strategy to deepen African partnerships.
CBE Governor Abdalla said the programme supports economic integration, noting Egypt's geographic position linking Africa, the Middle East, and Europe positions it as a potential hub pending feasibility results. Egypt hosts Afreximbank as its largest shareholder.
The Gold Bank aims to reduce reliance on foreign refining and trading hubs while strengthening central bank reserves across Africa.
