The Central Bank of Egypt has signed a memorandum of understanding with the African Export-Import Bank (Afreximbank) to establish a specialized gold bank serving Africa.
Under the agreement, both sides will prepare a comprehensive feasibility study covering the technical, commercial, and regulatory aspects of setting up an integrated gold banking system in one of Egypt’s designated free zones. The proposed project includes an internationally accredited gold refinery, secure gold storage facilities, and advanced gold-related financial and trading services.
According to the Central Bank of Egypt, the initiative aims to strengthen central bank reserves, reduce reliance on gold refining and trading centers outside Africa, and eventually expand its services to all African countries.
