Cairo: Central Bank of Egypt (CBE) signed on Monday, December 29, 2025, a memorandum of understanding with the African Export-Import Bank (Afreximbank) to explore a pan-African gold bank, aiming to formalise gold value chains and bolster regional reserves. Under the agreement, the CBE and Afreximbank will commission a feasibility study to examine the technical, regulatory, and commercial framework for establishing an integrated gold banking and refining hub in a designated free zone in Egypt.

According to State Information Service Egypt, the initiative could include an internationally accredited refinery, secure vaulting facilities and associated financial and trading services designed to cut Africa's reliance on overseas refining and trading centres. The project aligns with Egypt's efforts to deepen economic ties across Africa and with Afreximbank's mandate to promote value addition and strategic mineral processing on the continent. It also comes as Egypt has been steadily building up its gold holdings as part of its foreign reserves, a trend mirrored globally as central banks seek to strengthen balance sheets amid market volatility.

The partnership builds on a shared vision between the CBE and Afreximbank to support domestic manufacturing, enhance sustainable development, and deepen regional financial and trade integration. CBE Governor Hassan Abdallah and Afreximbank President and Chairman George Elombi signed the agreement at a ceremony at the central bank's headquarters in Cairo. Abdallah stated that the project could evolve into a broader pan-African framework involving governments, central banks, and market participants, reflecting Egypt's commitment to deeper economic integration across Africa.

Afreximbank President George Elombi described the MoU as a declaration that Africa's gold must serve African people. He emphasized that the proposed gold bank is designed to reshape how the continent extracts, refines, manages, and trades its gold resources. Egypt's gold reserves have been on an upward trajectory, contributing to rising foreign exchange holdings in recent months as the central bank adjusts its reserve composition in response to global market dynamics.

The pact builds on strong ties between the CBE and Afreximbank, positioning Cairo as a key node in a continent-wide effort to retain more value from natural resources and enhance financial integration.