Yemisi Izuora
The Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis.
The deal aims to counter the severe economic shocks triggered by the escalating conflict in the Middle East on the continent.
The conflict, which escalated on 28 February 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the brunt of the impact. Given the significance of the Gulf region as a primary global source of oil, Liquid Nitrogen Gas (LNG), fertilisers – as well as the critical role of the Strait of Hormuz – the outbreak has triggered wider repercussions at a global scale, adversely affecting African and CARICOM economies. These impacts specifically affect nations that heavily rely on fuel, fertiliser, and food imports, alongside those exposed to Gulf shipping corridors. Additionally, it has disrupted investment, tourism and remittance inflows.
The GCRP is designed to, among others sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states. It further aims to empower African energy and minerals exporters to capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing. Additionally, it provides short term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis.
The programme is also designed to build the medium to long-term resilience of African and Caribbean economies against future shocks by scaling productive capacities for producers and exporters of energy, minerals while accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states, delayed by the conflict.
Commenting on the facility, launched on March 31, 2026, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank said: “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. I commend the Board of Directors of Afreximbank for their proactivity and fortitude in approving this intervention programme.”
The GCRP builds on a series of timely emergency interventions introduced by Afreximbank in recent years, which have helped to cushion most economies from the impact of recent shocks such as the commodity shock of 2015/16, the COVID-19 Pandemic of 2020/2021 and the Ukraine crisis of 2023/24. For instance, the Bank launched a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) to help African countries confront the trade and economic impact of the Ukraine crisis. Under this programme, the Bank disbursed a total of US$39 billion which helped most countries in Africa to bridge gaps associated with liquidity or access to essential goods.
These historical interventions underscore Afreximbank’s ability to deploy robust and innovative risk-mitigation frameworks to help its member states navigate global volatility, with a successful track record.
Through GCRP, Afreximbank has already begun taking proactive steps through partnerships with banks and corporates to secure fuel, other energy supplies, fertilizers and essential food imports, which supplies have been interrupted by the elongation of the crisis. Beyond the financing, Afreximbank will spearhead a coordinated regional response in partnership 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 to strengthen regional coordination on energy security, trade resilience, and supply chain diversification.