Afreximbank Approves US$10 Billion Gulf Crisis Response Programme to Shield African and Caribbean Economies

In a decisive move to cushion African and Caribbean economies against the severe economic fallout from the escalating Middle East conflict, the Board of Directors of the African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP). 

The conflict, which intensified on 28 February 2026, has triggered widespread global economic shocks, with African and Caribbean nations among the hardest hit. The Gulf region’s critical role as a major supplier of oil, liquefied natural gas (LNG), fertilisers, and its strategic importance via the Strait of Hormuz have amplified the crisis, severely disrupting fuel, fertiliser, and food imports, as well as Gulf-linked shipping routes, investment flows, tourism, and remittances.

The GCRP, launched on 31 March 2026, aims to provide immediate relief while building long-term resilience. It will sustain essential imports such as fuel, LNG, food, fertiliser, and pharmaceuticals by offering short-term foreign exchange and liquidity support to vulnerable member states. The programme will also enable African energy and minerals exporters to capitalise on higher commodity prices and rerouted trade flows through pre-export finance, working capital, and inventory financing to expand productive capacity. In addition, it will deliver short-term relief to tourism and aviation sectors in affected African and Caribbean countries and strengthen medium- to long-term economic resilience by scaling up production in strategic energy and minerals sectors while accelerating delayed critical infrastructure projects in energy, ports, and logistics.

The GCRP builds on Afreximbank’s proven track record of timely emergency interventions during previous global shocks, including the 2015/16 com

modity crisis, the 2020/2021 COVID-19 pandemic, and the 2023/24 Ukraine crisis. Notably, the Bank’s US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) facilitated total disbursements of US$39 billion, helping African countries bridge liquidity gaps and secure access to essential goods.

Afreximbank has already initiated practical steps under the GCRP by partnering with banks and corporates to secure supplies of fuel, energy products, fertilisers, and essential food items disrupted by the prolonged conflict.

Beyond direct financing, the Bank will lead a 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. This collaboration will focus on enhancing energy security, trade resilience, and supply chain diversification across the regions.