El Fayoumi made the remarks following the Central Bank of
Egypt’s announcement of an unprecedented initiative to establish the first
specialized gold bank in Africa, headquartered in Cairo. The move reflects a
strategic shift in managing mineral wealth and using it for developmental purposes.
He explained that the project aims to build an integrated
African gold industry system, beginning with refining processes and extending
to trading and investment. This approach ensures that added value remains
within the continent rather than leaking to foreign markets, while also
enhancing transparency and efficiency in the pricing and trading of the
precious metal.
El Fayoumi pointed out that many African countries possess
substantial gold reserves but have long exported raw gold without fully benefiting
from its revenues. From this perspective, the idea of establishing a
specialized bank emerged to serve as a financial and industrial platform,
regulating refining, storage, and pricing, and linking gold to global financial
markets under clear institutional frameworks.
He added that the gold bank aims to support the reserves of
central banks in African countries, reduce reliance on refining and trading
hubs outside the continent, and formalize the gold industry and trade system.
El Fayoumi stressed that the initiative would enhance local
manufacturing, support sustainable development, and consolidate financial and
commercial integration between governments and central banks on one hand, and
mining companies and institutions operating in the gold sector and related
services on the other.