Afreximbank Launches $10 Billion Programme to Shield Africa from Gulf Crisis Fallout
To cushion the economic fallout from the escalating conflict in the Middle East, the Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP). The initiative is designed to shield African and Caribbean economies, financial institutions, and businesses from the growing impact of the crisis.
Since the conflict intensified on 28 February 2026, it has sent shockwaves across the global economy, with Africa and the Caribbean among the hardest hit. The Gulf region’s central role in supplying oil, liquefied natural gas (LNG), and fertilisers—alongside the strategic importance of the Strait of Hormuz—has amplified the disruption. Countries that depend heavily on imports of fuel, food, and agricultural inputs, as well as those exposed to Gulf trade routes, tourism, remittances, and investment flows, are particularly vulnerable.
The GCRP aims to stabilise economies by ensuring the continued supply of essential imports such as fuel, LNG, food, fertiliser, and pharmaceuticals. It will provide critical short-term foreign exchange and liquidity support to vulnerable member states. At the same time, the programme seeks to help African exporters of energy and minerals take advantage of rising global prices and shifting trade patterns by expanding production capacity through pre-export finance, working capital, and inventory support.
In addition, the initiative offers targeted relief to countries whose tourism and aviation sectors have been disrupted by the crisis. Beyond immediate support, the programme is structured to strengthen long-term resilience by boosting productive capacity in key sectors and accelerating the completion of critical infrastructure projects—particularly in energy, ports, and logistics—across Africa and the Caribbean.
Speaking on the programme, George Elombi, President and Chairman of the Board of Directors at Afreximbank, stated that the intervention reflects the institution’s deep understanding of the structural vulnerabilities facing its member countries. He noted that the initiative will not only help economies manage the current shock but also support long-term transformation and resilience.
The GCRP builds on Afreximbank’s track record of rapid-response interventions during global crises, including the 2015–2016 commodity downturn, the COVID-19 pandemic, and the 2023–2024 Ukraine crisis. Notably, the Bank previously launched a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), through which it disbursed US$39 billion to help countries address liquidity constraints and secure essential imports.
These past interventions highlight Afreximbank’s ability to deploy innovative financing tools to help member states navigate global volatility effectively.
Under the GCRP, the Bank has already begun working with financial institutions and corporate partners to secure disrupted supplies of fuel, energy products, fertilisers, and food. Beyond financing, Afreximbank will also lead a coordinated regional response in collaboration with key partners, including the United Nations Economic Commission for Africa, the African Union Commission, the African Continental Free Trade Area Secretariat, and the Caribbean Community, to enhance energy security, strengthen trade resilience, and diversify supply chains.
