Afreximbank to avail US$10bn under its Gulf Crisis Response Programme to shield African, CARICOM economies from Middle East conflict

African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis. The conflict, which escalated on February 28, 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the brunt of the impact. The GCRP was launched on March 31, 2026.

The GCRP is designed to sustain essential imports - including fuel, LNG, food, fertiliser, pharmaceuticals - by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states. It also aims to empower African energy and minerals exporters to capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing. Additionally, it provides short-term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis. Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank said: "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. I commend the Board of Directors of Afreximbank for their proactivity and fortitude in approving this intervention programme."

The GCRP builds on previous interventions, including the US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA). Under UKAFPA, the Bank disbursed a total of US$39 billion. Through GCRP, Afreximbank has already begun taking proactive steps through partnerships with banks and corporates to secure fuel, other energy supplies