Egypt and Afreximbank Move to Anchor Pan-African Gold Banking Hub

Egypt, 30 December 2025 - The Central Bank of Egypt (CBE) and African Export–Import Bank (Afreximbank) have taken a significant step toward reshaping Africa’s gold economy with the signing of a memorandum of understanding to establish a Gold Bank programme in Egypt.

The agreement signals a strategic push to formalise gold value chains on the continent, strengthen central bank reserves, and reduce Africa’s long-standing dependence on offshore refining, storage, and trading centres.

Signed in Cairo by CBE Governor Hassan Abdalla and Afreximbank President George Elombi, the MoU positions Egypt as a potential hub—subject to feasibility outcomes—for a pan-African gold banking ecosystem. At its core, the initiative seeks to retain more value from Africa’s gold production within the continent, a goal that aligns with broader efforts to deepen regional financial integration and promote industrial value addition.

From a policy and market perspective, the proposed Gold Bank programme would go beyond traditional bullion storage. The two institutions plan to commission a feasibility study covering the technical, commercial, and regulatory requirements for an integrated ecosystem located in a designated free zone in Egypt. This would include an internationally accredited refinery, secure vaulting infrastructure, and associated financial and trading services—components that could materially alter how African gold is processed, financed, and traded.

The strategic rationale is twofold. For Egypt, the initiative reinforces its ambition to act as a continental financial and commodities hub, leveraging its geographic position at the crossroads of Africa, the Middle East, and Europe. For Afreximbank, the project advances its mandate to promote intra-African trade, industrialisation, and resilience by keeping strategic mineral value chains onshore.

Crucially, the MoU also envisions a scalable, continent-wide framework. Engagement with African governments, central banks, mining companies, and industry stakeholders is intended to harmonise standards, strengthen institutional cooperation, and facilitate sustainable cross-border gold trade.