By: Egypt today

The Central Bank of Egypt and the African Export-Import Bank (Afreximbank) have signed a memorandum of understanding to establish a gold bank, a landmark initiative designed to strengthen Africa’s control over its gold resources and enhance financial stability across the continent.

The agreement outlines plans to conduct a comprehensive feasibility study for developing a fully integrated gold banking system within one of Egypt’s free zones. The envisioned system will include an internationally accredited gold refinery, secure storage facilities, and specialized financial and trading services. The project aims to support African central banks in building gold reserves, reduce dependence on foreign refining and trading centers, and formalize the often informal gold industry.

CBE Governor Hassan Abdallah highlighted Egypt’s strategic geographic position as a bridge between Africa, the Middle East, and Europe, positioning the country as a potential hub for regional gold trade and financial integration. Afreximbank President George Elombi emphasized that the initiative would help retain the value of Africa’s gold within the continent, improve currency stability, and bolster economic resilience against external shocks.

The gold bank is expected to evolve into a pan-African platform, engaging governments, central banks, mining companies, and industry stakeholders to unify standards and promote sustainable gold trade. The move represents a significant step toward greater economic cooperation and self-reliance in Africa’s extractive and financial sectors.