The Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to protect African and Caribbean economies, financial institutions, and corporations from the ongoing Gulf crisis in order to lessen the economic shocks brought on by the intensifying conflict in the Middle East.
The worldwide economy has been rocked by the conflict, which intensified on February 28, 2026, with the economies of Africa and the Caribbean suffering the most. Due to the Gulf region’s importance as a major global supplier of oil, LNG, and fertilizers, as well as the Strait of Hormuz’s crucial role, the outbreak has had wider global implications that have negatively impacted the economy of Africa and CARICOM.These effects particularly hit countries exposed to Gulf shipping lanes and those that depend significantly on imports of food, fuel, and fertilizer. It has also interfered with remittance inflows, tourism, and investment.
According to a statement released by the Bank on Tuesday, GCRP is intended to support vulnerable member states by supplying critical short-term Foreign Exchange (FX) and liquidity in order to sustain key imports, such as petroleum, LNG, food, fertilizer, and pharmaceuticals.”It further aims to empower African energy and minerals exporters to capitalize on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing,” the statement added.
Furthermore, it offers temporary assistance to member governments in Africa and the Caribbean whose tourism and aviation sectors have been negatively affected by the crisis.
By increasing the productive capacities of producers and exporters of energy and minerals and expediting the completion of vital energy, port, and logistics infrastructure projects in African and Caribbean member states that have been postponed due to the conflict, the program is also intended to strengthen the medium to long-term resilience of African and Caribbean economies against future shocks.Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, commented on the facility, which opened on March 31, 2026, saying: “This crisis response program is in tune with our DNA.” We are aware of how our economies function and the difficulties brought on by these brief crises.
Through measures that alter the structure of their economies, the program will help African nations adapt to the crisis with ease while bolstering their resistance to shocks in the future. I applaud the Afreximbank Board of Directors for their initiative and perseverance in authorizing this intervention program.
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