CAIRO, Egypt – Amid escalating geopolitical unrest in the Middle East that has roiled global commodity markets and disrupted critical supply chains, the African Export-Import Bank (Afreximbank) has greenlit a $10 billion Gulf Crisis Response Programme (GCRP), a targeted emergency initiative aimed at shielding vulnerable African and Caribbean Community (CARICOM) economies from the spillover effects of the ongoing Gulf region conflict. The conflict, which intensified on February 28, 2026, has sent disproportionately severe shocks to import-reliant nations across Africa and the Caribbean, regions that are already among the most economically vulnerable to global volatility. As the Gulf region stands as one of the world’s top suppliers of crude oil, liquefied natural gas (LNG), and key agricultural fertilizers, and the Strait of Hormuz remains a linchpin of global maritime trade, the escalation of hostilities has triggered cascading disruptions that hit hardest at nations dependent on Gulf-supplied commodities, shipping corridors, foreign investment, tourism revenue, and cross-border remittances. To address these overlapping threats, the GCRP was structured to deliver both immediate short-term relief and long-term structural resilience for Afreximbank’s member states. In the near term, the programme will allocate critical foreign exchange liquidity to sustain imports of core necessities including fuel, LNG, food staples, fertilizers, and pharmaceuticals for the most vulnerable nations. It will also extend targeted pre-export finance, working capital, and inventory financing to help African energy and mineral exporters leverage elevated global commodity prices and adapt to shifted trade routes by expanding their productive capacity. Separate short-term support is also earmarked for member states whose tourism and aviation sectors have suffered direct downturns from the crisis. Beyond immediate relief, the GCRP includes medium- and long-term components designed to reduce future economic vulnerability: it will expand productive capacity for energy and mineral producers, while unlocking funding to accelerate completion of critical energy, port, and logistics infrastructure projects that were delayed by supply chain disruptions tied to the conflict. Speaking on the initiative, which was formally launched on March 31, 2026, Dr. George Elombi, President and Chairman of Afreximbank’s Board of Directors, emphasized that the targeted intervention aligns with the institution’s core 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 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 a proven track record of emergency economic interventions that Afreximbank has rolled out over the past decade to help member states navigate global shocks. Past initiatives include a response to the 2015-2016 global commodity price collapse, a multi-billion support package during the 2020-2021 COVID-19 pandemic, and the $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), launched to counter the economic fallout of the 2023-2024 Ukraine conflict. Under the UKAFPA, the bank disbursed a total of $39 billion, successfully closing liquidity gaps and securing access to essential goods for most African nations. Already, Afreximbank has begun implementing the GCRP, working through partnerships with commercial banks and private sector corporations to lock in supplies of fuel, energy, fertilizers, and essential food imports that have been interrupted by the prolonged conflict. In addition to direct financing, Afreximbank is leading a coordinated regional response effort alongside key international and regional bodies including the UN Economic Commission for Africa (UNECA), the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat, and the CARICOM Secretariat. This collaborative effort will focus on strengthening regional coordination to improve energy security, boost trade resilience, and diversify global supply chains to reduce dependence on unstable regions. This press release was distributed by APO Group on behalf of Afreximbank.
Afreximbank to avail US$10 billion under its Gulf Crisis Response Programme (GCRP) to shield African and Caribbean Community (CARICOM) economies from the ongoing conflict
