The Central Bank of Egypt and the African Export–Import Bank have signed a memorandum of understanding to establish a pan-African Gold Bank, a strategic initiative aimed at formalizing gold value chains across the continent.

The agreement is expected to help strengthen central bank reserves and reduce Africa’s reliance on foreign refining and trading hubs, according to a statement.

The initiative aligns with Egypt’s strategy to expand strategic partnerships and deepen cooperation with African nations across multiple sectors, while also supporting Afreximbank’s goal of advancing value addition and the processing of strategic minerals throughout Africa.

It also comes as Egypt’s revenues from mineral wealth development surged 131 percent year on year to nearly $446 million in fiscal year 2024/25, driven by strong growth in gold and silver production.

The initiative also seeks to broaden its reach across Africa by engaging governments, central banks, mining companies, and industry stakeholders to enhance institutional cooperation, standardize best practices, and promote sustainable gold trade and related services across the continent. 

The partnership reflects a shared vision between the Central Bank of Egypt and Afreximbank to promote local manufacturing, support sustainable growth, and strengthen regional financial and trade ties, contributing to a more integrated and resilient African economy. 

Source: Arabnews