African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies from the economic fallout of the escalating conflict in the Middle East. The conflict, which intensified on 28 February 2026, has disrupted global energy markets and supply chains, with African and Caribbean nations among the hardest hit due to their heavy reliance on fuel, fertiliser, food imports, and Gulf-linked trade corridors.
The GCRP aims to sustain essential imports such as fuel, liquefied natural gas (LNG), food, fertiliser, and pharmaceuticals by providing short-term foreign exchange and liquidity support to vulnerable member states. It also seeks to empower African energy and mineral exporters to capitalise on higher prices and rerouted trade flows by scaling production capacity through pre-export finance, working capital, and inventory financing. Additionally, the programme offers short-term relief to tourism and aviation sectors affected by the crisis and focuses on building long-term resilience by accelerating critical infrastructure projects in energy, ports, and logistics.
Dr. George Elombi, President and Chairman of Afreximbank’s Board of Directors, 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.”
The initiative builds on Afreximbank’s track record of emergency interventions during past global shocks, including the 2015/16 commodity crisis, the COVID-19 pandemic, and the Ukraine conflict. During the Ukraine crisis, the Bank launched a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), disbursing US$39 billion to help African countries bridge liquidity gaps and secure essential goods.
Through the GCRP, Afreximbank has already begun partnering with banks and corporates to secure interrupted supplies of fuel, energy, fertilisers, and food. The Bank will also coordinate 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.
