The Central Bank of Egypt and African Export-Import Bank have signed a memorandum of understanding to establish a pan-African Gold Bank program designed to strengthen central bank reserves and reduce the continent’s reliance on foreign gold refining and trading hubs.
The agreement, signed in Cairo in December 2025 by Central Bank Governor Hassan Abdalla and Afreximbank President George Elombi, sets out plans to formalize gold value chains and develop a gold ecosystem headquartered in Egypt.
A joint feasibility study will examine the technical, commercial and regulatory requirements for the initiative, officials said.
Under the plan, the proposed Gold Bank would be located in a designated free zone and include an internationally accredited refinery, secure vaulting facilities and related financial and trading infrastructure.
The project is expected to involve central banks, governments, and mining companies from across the continent.
The initiative supports Egypt’s broader strategy of expanding regional partnerships and aligns with Afreximbank’s goals to enhance mineral processing and local value addition.
It also aims to improve currency stability, support domestic manufacturing and advance economic integration in Africa.
“The MoU serves as a foundation that could evolve into a continent-wide framework,” Abdalla said.
He added that Egypt’s selection as a potential hub reflects institutional confidence in its capacity to support large-scale regional projects.
Elombi said the Gold Bank would help Africa retain more value from its natural resources and reduce exposure to external shocks by building gold reserves similar to those of major economies.
Egypt is Afreximbank’s host country and largest shareholder.
