Pan-African Gold Bank: Egypt and Afreximbank Lay the Foundations of the Institution

Africa is taking a decisive step toward the strategic valorization of its mineral resources. On Monday, December 29, 2025, in Cairo, the Central Bank of Egypt (CBE) and the African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding aimed at establishing a gold banking program designed to lay the foundations for a genuine Pan-African Gold Bank.

The agreement was signed by the Governor of the Central Bank of Egypt, H.E. Hassan Abdalla, and the President of Afreximbank and Chairman of its Board of Directors, Dr. George Elombi, during an official ceremony held at the headquarters of the CBE.

This strategic initiative seeks to formalize and structure Africa’s gold value chains, strengthen the reserves of African central banks, and reduce the continent’s dependence on foreign refining and trading centers. It fully aligns with the shared ambition of both institutions to retain greater value added within Africa.

Under the terms of the agreement, the Central Bank of Egypt and Afreximbank will collaborate on a feasibility study to assess the technical, commercial, and regulatory requirements for establishing an integrated gold banking ecosystem within a dedicated free zone in Egypt, with the participation of several African countries. The project notably includes the creation of an internationally certified gold refinery, highly secure storage facilities, as well as specialized financial and commercial services.

Beyond Egypt, the ambition is clearly continental. The program is intended to expand across Africa, involving governments, central banks, mining companies, and key players in the gold sector. The objective is to harmonize best practices, strengthen institutional cooperation, and facilitate sustainable gold trade at the continental level.

Reacting to the signing of the agreement, Governor Hassan Abdalla emphasized that the initiative provides a solid foundation for a major Pan-African project. He reaffirmed Egypt’s commitment to promoting Africa’s economic integration, noting that the country’s potential role as a hub for the project—subject to the conclusions of the feasibility study—reflects the confidence of African institutions in its ability to host large-scale, transformative initiatives. Thanks to its strategic geographic position at the crossroads of Africa, the Middle East, and Europe, Egypt presents itself as a natural hub for gold trade and regional financial innovation.

For his part, Afreximbank President Dr. George Elombi highlighted the historic significance of the agreement. “African gold must serve African people,” he said, stressing that the future African Gold Bank will profoundly transform the extraction, refining, storage, valorization, and commercialization of gold across the continent. By strengthening gold reserves, Africa will enhance its economic resilience, reduce vulnerability to external shocks, improve the stability and convertibility of its currencies, and promote sustainable wealth creation.

This new partnership further strengthens an already solid relationship between Afreximbank and the Central Bank of Egypt, with Egypt being both the Bank’s largest shareholder and its host country. Through this project, Africa reaffirms its determination to regain strategic control over its resources and to build lasting economic sovereignty.