Egypt and Afreximbank Plan Pan-African Gold Bank
Egypt’s Central Bank and Afreximbank have signed an agreement to study the creation of a pan-African gold bank. The goal is to improve how Africa produces, refines, stores, and trades gold. The project also aims to help African countries rely less on foreign gold refineries and trading centers.
The agreement was signed on Monday. It focuses on building strong gold value chains within Africa. This means more control over gold resources, stronger national reserves, and better economic stability across the continent.
What the agreement includes
Under the agreement, the Central Bank of Egypt (CBE) and Afreximbank will carry out a feasibility study. This study will look at the technical, legal, and business needs for setting up a gold banking and refining center.
The project is planned for a special free zone in Egypt. If approved, it could include a gold refinery that meets international standards, secure storage vaults, and gold-related financial services. These may include trading, financing, and value assessment services.
The initiative will involve African governments, central banks, private companies, and other industry stakeholders. The aim is to create a fully integrated system that supports gold mining, refining, storage, and trade within Africa.
The Central Bank of Egypt said the partnership supports local manufacturing and sustainable development. It also helps increase financial and trade cooperation among African countries.
Egypt’s role in the project
CBE Governor Hassan Abdallah said the project could grow into a wider pan-African system. He highlighted Egypt’s strategic location between Africa, the Middle East, and Europe. This position makes Egypt a natural center for gold trade in Africa.
Egypt has been steadily increasing its gold reserves as part of its foreign exchange reserves. This follows a global trend, as many central banks are buying more gold to protect their economies during times of market uncertainty.
Focus on African ownership
Afreximbank President George Elombi called the agreement a strong statement that Africa’s gold should benefit African people. He said the gold bank would change how Africa handles its gold from mining to final trade.
Elombi explained that building strong gold reserves would make African economies more resilient. It would reduce risks from global market shocks, support stable currencies, and help create wealth within the continent.
The bank’s goal is to keep more value from gold production in Africa rather than sending raw gold abroad for refining and trading.
Strengthening Africa’s financial future
The Central Bank of Egypt is the largest shareholder in Afreximbank and also hosts the bank. This highlights Cairo’s growing role as a major financial and trade hub in Africa.
If the project moves forward, Egypt could become a key center for adding value to Africa’s mineral resources. The gold bank could also help create shared standards, promote responsible gold trading, and improve economic cooperation across African countries.
Overall, the initiative represents a major step toward African control of its gold resources and long-term economic growth.
Published: 31th December 2025
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