Egypt to host pan-African Gold Bank

Egypt’s central bank and the African Export-Import Bank (Afreximbank) have signed an agreement to set up a pan-African Gold Bank in Egypt.

The initiative aims to formalise gold value chains, strengthen central bank reserves and reduce Africa’s reliance on foreign refining and trading hubs, according to a statement.

Under the agreement, the two institutions will commission a feasibility study to assess the technical, commercial and regulatory requirements for developing an integrated Gold Bank in a designated free zone in Egypt, with the participation of African countries. 

This includes establishing an internationally accredited refinery, secure vaulting facilities and associated financial and trading services.

The initiative also aims to engage African governments, central banks and mining companies to strengthen institutional collaboration and facilitate the sustainable trade of gold and related services.

Egypt is the largest shareholder in Cairo-headquartered Afreximbank.

This month Afreximbank awarded a $250 million contract to Cairo-based Hassan Allam Construction to build its Afreximbank African Trade Centre in Egypt’s new administrative capital.

The Exim Bank has disbursed $41 billion into the Egyptian economy to date, according to Afreximbank president and chairman George Elombi. He said this has supported increased investment in sectors including energy, telecommunications, construction and manufacturing.

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