The African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) aimed at cushioning African and Caribbean economies from the ongoing conflict in the Middle East, a statement issued by the Bank said.
The programme is intended to sustain critical imports, including fuel, liquefied natural gas, food, fertilisers, and pharmaceuticals, by providing short-term foreign exchange and liquidity support to member states most exposed to the crisis, Afreximbank said. It also seeks to empower African energy and mineral exporters to leverage elevated prices and re-routed trade flows through pre-export and working capital financing.
Commenting on the initiative, Dr. George Elombi, President and Chairman of Afreximbank, told reporters that the Bank’s proactive intervention reflects its ongoing commitment to helping economies navigate global shocks. “This crisis response programme is in tune with our DNA. It will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks,” he said.
The GCRP builds on previous emergency interventions by Afreximbank, including the US$4 billion Ukraine Crisis Adjustment Trade Financing Programme, which, according to the Bank, helped African nations bridge gaps in liquidity and access essential goods during the Ukraine crisis of 2023–2024.
Afreximbank said it has already begun coordinating with banks and corporates to secure fuel, energy supplies, fertilizers, and essential food imports disrupted by the ongoing Gulf conflict. In addition, the Bank is collaborating with the UN Economic Commission for Africa (UNECA), the African Union Commission (AUC), the AfCFTA Secretariat, and the CARICOM Secretariat to strengthen regional responses on energy security, trade resilience, and supply chain diversification.
The Gulf crisis, which intensified on February 28, 2026, has triggered global economic shocks, particularly for nations reliant on Gulf oil, fertilizers, and shipping corridors. According to Afreximbank, African and Caribbean economies have been among the hardest hit, with rising energy costs, disrupted trade flows, and declining tourism and remittance inflows.
Established as a Pan-African multilateral financial institution, Afreximbank manages over US$40 billion in assets and has consistently deployed innovative financing solutions to support intra-African trade and industrialisation. The Bank also administers a US$10 billion Adjustment Fund to assist countries participating in the African Continental Free Trade Agreement (AfCFTA) and operates a Pan-African Payment and Settlement System (PAPSS) to facilitate cross-border trade.
Through the GCRP, Afreximbank aims to mitigate immediate economic shocks while laying the groundwork for longer-term structural resilience, the Bank said.
