By Ayomide Otitoju
The Board of Directors of the African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies, financial institutions, and corporates from the fallout of the escalating Middle East conflict.
The conflict, which intensified on 28 February 2026, has disrupted global markets, with African and Caribbean nations among the hardest hit due to their reliance on imports of fuel, fertilisers, and food, as well as exposure to Gulf shipping corridors, tourism, remittances, and investment flows. The strategic importance of the Gulf region as a source of oil, LNG, and fertilisers, along with the critical Strait of Hormuz, has amplified the economic impact on these regions.
The GCRP is designed to sustain essential imports—including fuel, LNG, food, fertilisers, and pharmaceuticals—by providing short-term foreign exchange and liquidity support to vulnerable member states. The programme also seeks to enable African energy and mineral exporters to capitalise on elevated global prices and rerouted trade flows through pre-export finance, working capital, and inventory financing. Additionally, it offers relief to member states whose tourism and aviation sectors have been affected, while supporting medium- to long-term resilience by accelerating strategic infrastructure projects in energy, ports, and logistics delayed by the crisis.
Commenting on the initiative, Dr. George Elombi 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 Afreximbank’s history of timely emergency interventions, including the US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), which disbursed US$39 billion to help African nations manage trade and liquidity gaps during the Ukraine crisis of 2023/24. Previous interventions have also supported member states during the 2015/16 commodity shock and the COVID-19 pandemic.
Under the GCRP, Afreximbank has already partnered with banks and corporates to secure fuel, energy supplies, fertilisers, and essential food imports disrupted by the crisis. The bank will also coordinate a regional response in collaboration with the UN Economic Commission for Africa, African Union Commission, the African Continental Free Trade Area (AfCFTA) Secretariat, and the Caribbean Community (CARICOM) Secretariat to strengthen energy security, trade resilience, and supply chain diversification across African and Caribbean member states.
