The African Export-Import Bank (Afreximbank) has approved a $10bn Gulf Crisis Response Programme (GCRP) aimed at protecting African and Caribbean economies from severe economic disruptions caused by the escalating conflict in the Middle East. The initiative is designed to provide urgent financial support, stabilise critical imports, and strengthen economic resilience across affected regions.
The decision follows the escalation of conflict in the Gulf region on February 28, 2026, which has sent shockwaves through global markets. Given the region’s strategic importance as a major supplier of oil, liquefied natural gas (LNG), and fertilisers, as well as its control over key shipping routes such as the Strait of Hormuz, the crisis has significantly disrupted global supply chains.
African and Caribbean economies, particularly those heavily dependent on fuel, food, and fertiliser imports, have been among the most affected. The disruption has also impacted tourism, investment flows, and remittances, placing additional strain on already vulnerable economies.
Under the newly launched GCRP, Afreximbank will provide short-term foreign exchange and liquidity support to ensure the continued importation of essential goods, including fuel, LNG, food, fertilisers, and pharmaceuticals. The programme also seeks to support African exporters in the energy and minerals sectors by enabling them to take advantage of rising global prices and shifting trade patterns.
The facility includes financing instruments such as pre-export finance, working capital, and inventory financing, aimed at boosting production capacity in strategic sectors. In addition, targeted support will be extended to tourism and aviation industries in both Africa and the Caribbean, which have experienced declines due to the ongoing crisis.
Speaking on the initiative launched on March 31, 2026, Afreximbank President and Chairman, George Elombi, emphasised the institution’s commitment to supporting member states during periods of global uncertainty. He noted that the programme aligns with the bank’s mandate to respond to economic shocks and strengthen long-term resilience.
The GCRP builds on Afreximbank’s track record of crisis intervention. In previous years, the bank introduced similar programmes to mitigate the effects of major global disruptions, including the 2015–2016 commodity crisis, the COVID-19 pandemic, and the 2023–2024 Ukraine crisis. Notably, its $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa helped disburse significant funds to support trade and liquidity across the continent.
Beyond immediate financial support, Afreximbank is also spearheading a coordinated regional response in collaboration with key institutions, including the United Nations Economic Commission for Africa, the African Union Commission, the African Continental Free Trade Area, and the Caribbean Community.
This partnership aims to enhance regional coordination in areas such as energy security, trade resilience, and supply chain diversification, while accelerating the development of critical infrastructure projects in energy, ports, and logistics.
As the Gulf crisis continues to evolve, Afreximbank’s $10bn intervention represents a significant effort to cushion vulnerable economies from external shocks. The programme is expected not only to provide immediate relief but also to strengthen the structural resilience of African and Caribbean economies in the face of future global uncertainties.
