Egypt to establish Africa’s premier gold bank

The Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), George Elombi,  announced a collaboration with the Central Bank of Egypt to establish a specialized gold bank headquartered in the Egyptian capital Cairo, RT reported on Thursday. Elombi said that Egypt was chosen as the headquarters for the African Gold Bank due to its stability and security, its attractive investment climate, and its expertise in the gold, mining, and trading sectors. He explained that Egypt’s geographical location and proximity to numerous European, Arab, and African markets contributed to its selection as the bank’s headquarters and a regional hub for gold trading, manufacturing, and distribution between the African continent and global markets. The bank aims to organize gold value chains within Africa, bolster the reserves of African central banks, and reduce reliance on external markets and global trading centers, Elombe said. He emphasized that the African Gold Bank project is part of a broader vision to enhance African financial sovereignty by formalizing intra-continental gold trading and maximizing the added value of African natural resources, thereby strengthening local economies and reducing reliance on global trading centers. Egypt is scheduled to host the 33rd Annual Meetings of the African Export-Import Bank in the New al-Alamein City in June. The post Egypt to establish Africa’s premier gold bank appeared first on Egypt Independent.