The Central Bank of Egypt (CBE) and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to establish a pan-African Gold Bank programme, a strategic initiative aimed at formalising gold value chains, strengthening central bank reserves, and reducing Africa’s reliance on foreign refining and trading hubs. The landmark MoU was signed by CBE Governor Hassan Abdalla and Afreximbank President and Chairperson of the Board of Directors, George Elombi, during a ceremony held at the Central Bank of Egypt. The initiative envisages the establishment of an internationally accredited gold refinery, secure vaulting facilities, and related financial and trading services. He added that Egypt’s strategic location at the crossroads of Africa, the Middle East, and Europe positions it as a natural hub for regional gold trade and financial innovation. This MoU, which forms part of Afreximbank’s vision to ensure Africa’s resources benefit Africans, lays the foundation for an African Gold Bank that will fundamentally transform how we extract, refine, manage, value, store, and trade our gold.

Source: Daily News Egypt December 30, 2025 16:55 UTC