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Arab Finance: The Central Bank of Egypt (CBE) and the African Export-Import Bank (Afreximbank) have signed a memorandum of understanding (MoU) to establish a specialized gold bank serving the African continent, a move aimed at strengthening central bank reserves, formalizing gold trading, and reducing reliance on refining and trading centers outside Africa, the CBE stated on December 30th.
The initiative aligns with the Egyptian government’s strategy to expand partnerships with African countries and reflects Afreximbank’s focus on accelerating value-added mineral processing across the continent.
Under the MoU, both institutions will conduct a comprehensive feasibility study covering technical, commercial, and regulatory requirements to establish an integrated gold bank system in one of Egypt’s designated free zones.
The proposed system includes an internationally accredited gold refinery, secure storage facilities, and the provision of specialized financial services and advanced gold-related trading solutions.
The project is designed to extend beyond Egypt to include African governments, central banks, mining companies, and other stakeholders across the gold value chain.
By encouraging institutional cooperation and standardizing practices, the initiative aims to facilitate sustainable intra-African trade in gold and related services while contributing to broader financial and trade integration.
