Middle East Crisis: Afreximbank approves US$10bn facility to cushion African and Caribbean economies
The Board of Directors of the African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to cushion African and Caribbean economies against the economic fallout from the escalating conflict in the Middle East.
The intervention follows the sharp deterioration in global economic conditions triggered by the conflict, which intensified on February 28, 2026, sending ripple effects across global commodity and financial markets. African and Caribbean economies, in particular, have faced heightened vulnerabilities due to their dependence on imports of fuel, fertilisers and food, as well as exposure to key Gulf shipping routes.
The Gulf region’s strategic role as a major supplier of crude oil, liquefied natural gas (LNG) and fertilisers, coupled with the importance of the Strait of Hormuz to global trade flows, has amplified the transmission of shocks to import-dependent economies across Africa and the Caribbean. The crisis has also disrupted investment flows, tourism receipts and remittance inflows.
The GCRP is designed to support the continuity of essential imports—including fuel, LNG, food, fertilisers and pharmaceuticals—through the provision of short-term foreign exchange (FX) liquidity to vulnerable member states.
In addition, the programme seeks to position African energy and mineral exporters to take advantage of elevated commodity prices and shifting trade routes by expanding productive capacity. This will be facilitated through pre-export financing, working capital support and inventory financing.
The facility will also provide targeted relief to economies with significant exposure to tourism and aviation, sectors that have been adversely affected by the ongoing crisis.
Beyond immediate support, the programme aims to strengthen medium- to long-term economic resilience by boosting productive capacity among energy and mineral exporters, while accelerating the delivery of critical infrastructure projects in energy, ports and logistics that have been delayed by the conflict.
Commenting on the initiative, President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi, stated: “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.”
The GCRP, launched on March 31, 2026, builds on a track record of similar interventions deployed by the Bank in response to previous global shocks, including the 2015/16 commodity downturn, the COVID-19 pandemic, and the 2023/24 Ukraine crisis.
Under its Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), Afreximbank disbursed approximately US$39 billion to support member states in addressing liquidity constraints and maintaining access to critical imports.
The Bank noted that these interventions highlight its capacity to deploy targeted and innovative financing mechanisms to support member countries in navigating periods of global uncertainty.
As part of the GCRP rollout, Afreximbank has already initiated engagements with financial institutions and corporates to secure the supply of fuel, energy products, fertilisers and essential food items, which have been disrupted by the prolonged crisis.
The Bank is also expected to lead a coordinated regional response in collaboration with key institutions, including the United Nations Economic Commission for Africa (UNECA), the African Union Commission (AUC), the AfCFTA Secretariat and the Caribbean Community (CARICOM) Secretariat, aimed at strengthening energy security, trade resilience and supply chain diversification.
