The African Export-Import Bank (Afreximbank) has announced a sweeping $10 billion Gulf Crisis Response Programme (GCRP) aimed at protecting African and Caribbean economies from the severe shocks triggered by the ongoing conflict in the Middle East.
The initiative, approved by the Bank’s Board of Directors, comes in response to the escalation of hostilities in the Gulf region on 28 February 2026, which have disrupted global energy and trade flows. With the Gulf serving as a critical hub for oil, liquefied natural gas (LNG), and fertilisers, as well as the strategic Strait of Hormuz, the crisis has sent ripples across the world economy. African and CARICOM nations, many of which rely heavily on fuel, fertiliser, and food imports, have been particularly vulnerable.
According to Afreximbank, GCRP is designed to sustain essential imports such as fuel, LNG, food, fertilisers, and pharmaceuticals by providing short-term foreign exchange and liquidity support to vulnerable member states. It will also enable African energy and mineral exporters to benefit from elevated commodity prices and rerouted trade flows by offering pre-export finance, working capital, and inventory financing.
The programme further seeks to provide relief to tourism and aviation industries in Africa and the Caribbean, which have been hit hard by the crisis. Beyond immediate interventions, Afreximbank intends to use the programme to build long-term resilience by scaling productive capacities in energy and mineral sectors and accelerating the completion of critical infrastructure projects, including ports and logistics facilities, that have been delayed by the conflict.
Dr. George Elombi, President and Chairman of Afreximbank’s Board of Directors, noted that the programme reflects the Bank’s proactive approach to crisis management. He explained that the intervention would help African countries adjust smoothly to the current disruptions while strengthening their resilience against future shocks.
He commended the Board for its foresight in approving the programme, stressing that Afreximbank’s interventions are designed to transform the structure of African economies rather than simply provide temporary relief.
The GCRP builds on Afreximbank’s track record of emergency interventions in times of global volatility. In recent years, the Bank has rolled out programmes to cushion economies against the commodity shock of 2015/16, the COVID-19 pandemic of 2020/21, and the Ukraine crisis of 2023/24. Under the Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), Afreximbank disbursed $39 billion to help countries bridge liquidity gaps and secure access to essential goods.
Already, Afreximbank has begun implementing the GCRP by partnering with banks and corporates to secure supplies of fuel, energy, fertilisers, and food imports that have been disrupted by the protracted Gulf crisis.
The Bank is also spearheading a coordinated regional response in collaboration 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. These partnerships aim to strengthen regional coordination on energy security, trade resilience, and supply chain diversification.
The announcement underscores Afreximbank’s role as a stabilising force in African and Caribbean economies. With total assets and contingencies of over $40.1 billion as of December 2024 and shareholder funds amounting to $7.2 billion, the Bank has consistently deployed innovative financing structures to support trade and industrialisation across the continent.
By launching the Gulf Crisis Response Programme, Afreximbank is positioning itself once again as a critical player in helping member states navigate global volatility, while laying the groundwork for stronger, more resilient economies in the years ahead.
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