As conflict in the Middle East continues to rattle the global economy, the African Export-Import Bank (Afreximbank) has moved swiftly to protect vulnerable economies across Africa and the Caribbean. The bank’s Board of Directors has approved a US$10 billion Gulf Crisis Response Programme (GCRP), designed to cushion African and CARICOM member states, financial institutions, and corporates from the mounting economic fallout.
The Crisis and Its Impact
The conflict, which escalated on February 28, 2026, has sent shockwaves through global trade and finance. For Africa and the Caribbean, the consequences have been particularly severe. The Gulf region’s role as a primary global supplier of oil, liquefied natural gas (LNG), and fertilisers — combined with the strategic importance of the Strait of Hormuz — means that the disruption has rippled far beyond the immediate conflict zone.
Nations heavily reliant on fuel, fertiliser, and food imports have been hit hardest, while those exposed to Gulf shipping corridors face mounting logistical and supply chain pressures. Tourism, aviation, investment flows, and remittances have also taken a significant hit.
What the Programme Covers
Launched on March 31, 2026, the GCRP is built around several key pillars. In the short term, it will provide critical foreign exchange and liquidity support to help vulnerable member states sustain essential imports — including fuel, LNG, food, fertilisers, and pharmaceuticals. The programme will also offer pre-export finance, working capital, and inventory financing to help African energy and minerals exporters capitalise on elevated commodity prices and rerouted trade flows. Countries whose tourism and aviation sectors have been battered by the crisis will also receive short-term relief under the programme.
Looking further ahead, the GCRP is designed to build medium- to long-term economic resilience. This includes scaling productive capacity for energy and mineral producers, as well as accelerating critical infrastructure projects in energy, ports, and logistics that have been stalled by the conflict.
Afreximbank’s Track Record
The GCRP is not the bank’s first emergency intervention of this kind. Afreximbank has a strong track record of stepping in during global crises, having previously responded to the commodity price shock of 2015/16, the COVID-19 pandemic in 2020/21, and the Ukraine crisis of 2023/24. During the latter, the bank launched the US4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), under which it ultimately disbursed a total of US39 billion to help African countries bridge liquidity gaps and maintain access to essential goods.
Speaking on the latest programme, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, said the intervention is consistent with the bank’s core mission. “This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises. The programme will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks through interventions that transform the structure of their economies,” he said, adding his commendation to the Board for their proactivity in approving the programme.
A Coordinated Regional Response
Beyond financing, Afreximbank is already working with partner banks and corporates to secure fuel, energy supplies, fertilisers, and food imports disrupted by the ongoing conflict. The bank will also lead a broader coordinated regional response in partnership with the UN Economic Commission for Africa (UNECA), the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat, and the Caribbean Community (CARICOM) Secretariat — focusing on energy security, trade resilience, and supply chain diversification.
With $10 billion committed and partnerships already being mobilised, Afreximbank is positioning itself once again as a critical line of defence for African and Caribbean economies navigating an increasingly turbulent global landscape.