Afreximbank has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to support African and Caribbean economies struggling with the economic impact of the escalating Middle East conflict, which has disrupted global energy, food and shipping markets.
The programme is designed to provide urgent foreign exchange liquidity, sustain essential imports such as fuel, fertiliser and food, and strengthen trade resilience for economies most exposed to rising prices and supply disruptions linked to the Gulf region.
According to the African Export-Import Bank, the crisis — which escalated on February 28, 2026 — has triggered severe knock-on effects for African and Caribbean countries, many of which depend heavily on the Gulf for oil, liquefied natural gas (LNG), fertilisers and key shipping routes through the Strait of Hormuz.
“Given the importance of the Gulf as a global energy and shipping hub, the conflict has created widespread economic shocks,” the bank said, noting that tourism receipts, remittances, aviation and investment flows to affected regions have also been hit.
The GCRP, launched on March 31, 2026, will prioritise short-term trade finance and liquidity support to help vulnerable member states maintain access to critical imports, including pharmaceuticals.
It will also support African energy and mineral exporters seeking to benefit from elevated global prices by scaling production through pre-export finance, working capital and inventory financing.
In addition, the programme will provide relief to countries whose tourism and aviation sectors have been disrupted by the crisis, while supporting longer-term investments in energy, port and logistics infrastructure that have been delayed by regional instability.
Commenting on the initiative, Dr George Elombi, President and Chairman of Afreximbank, said the programme aligns with the bank’s crisis-response mandate.
“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,” Elombi said.
“The programme will support African countries in adjusting smoothly while strengthening their resilience to future shocks.”
The GCRP builds on Afreximbank’s past emergency interventions, including its Ukraine Crisis Adjustment Trade Financing Programme for Africa, which helped cushion economies from supply disruptions during the Russia–Ukraine conflict.
Under that initiative, the bank said it disbursed US$39 billion to address liquidity constraints and essential goods shortages across the continent.
Afreximbank said it has already begun engaging with banks and corporates to secure fuel, fertilisers and food supplies affected by prolonged disruptions in Gulf shipping routes. Beyond financing, the bank will coordinate a regional response with institutions including the UN Economic Commission for Africa (UNECA), the African Union Commission, the AfCFTA Secretariat, and CARICOM.
The partnership aims to strengthen energy security, trade resilience and supply chain diversification across Africa and the Caribbean.
Headquartered in Cairo, Afreximbank is a pan-African multilateral lender focused on boosting intra-African and global trade. As of December 2024, the bank’s total assets and contingencies stood at over US$40 billion, with shareholder funds of US$7.2 billion.
Source: businesspostonline
