Afreximbank Announces $10 Billion Gulf Crisis Response Programme to Shield African and Caribbean Economies
In response to the escalating conflict in the Middle East, which erupted on February 28, 2026, the African Export-Import Bank (Afreximbank) has unveiled a groundbreaking $10 billion Gulf Crisis Response Programme (GCRP). The initiative aims to protect African and Caribbean economies from the severe economic shocks triggered by the turmoil in the Gulf region.
The crisis has sent ripples across the global economy, with African and Caribbean nations bearing a disproportionate share of the burden. The Gulf region, a key global supplier of oil, liquid natural gas (LNG), and fertilizers, plays a pivotal role in international trade, particularly through the strategic Strait of Hormuz. The disruption has led to skyrocketing prices, supply chain bottlenecks, and significant economic strain for countries reliant on imports of fuel, food, and other essentials.
The GCRP is designed to provide immediate relief by ensuring access to critical imports such as fuel, LNG, food, fertilizers, and pharmaceuticals. It will offer short-term foreign exchange and liquidity support to vulnerable member states. Additionally, the programme seeks to empower African energy and mineral exporters to take advantage of higher prices and rerouted trade flows by scaling up production capacity through pre-export finance, working capital, and inventory financing.
Furthermore, the programme aims to bolster tourism and aviation sectors in Africa and the Caribbean, which have been severely impacted by the crisis. Over the medium to long term, the GCRP will focus on building economic resilience by accelerating the completion of critical infrastructure projects, including energy, port, and logistics facilities, which have been delayed by the conflict.
Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, emphasized the bank’s commitment to addressing economic challenges head-on. Speaking at the launch of the programme on March 31, 2026, Dr. Elombi stated, “This crisis response programme aligns with our mission. We understand the pain points of our economies and the transient nature of such crises. The GCRP will not only help African countries adapt to the current turmoil but also strengthen their resilience against future shocks through transformative economic interventions.”
The GCRP builds on Afreximbank’s proven track record of timely and effective crisis responses. In recent years, the bank has launched several emergency initiatives, including a $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), which disbursed $39 billion to help African nations navigate the economic fallout of the Ukraine crisis. These interventions demonstrate Afreximbank’s ability to deploy innovative risk-mitigation frameworks to support its member states during periods of global volatility.
Already, Afreximbank has begun proactive measures under the GCRP, partnering with banks and corporations to secure disrupted supplies of fuel, energy, fertilizers, and food. Beyond financing, the bank is spearheading a coordinated regional response in collaboration with key organizations such as the United Nations 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 enhance regional coordination on energy security, trade resilience, and supply chain diversification.
As the Gulf crisis continues to unfold, the GCRP represents a lifeline for African and Caribbean economies, offering both immediate relief and long-term strategies to navigate the challenges ahead.
— Reported by Nexio News
