TO counter the severe economic shocks triggered by the escalating conflict in the Middle East, the Board of Directors of the African Export-Import Bank (Afreximbank) has approved a $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 conflict, which escalated on February 28, 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, liquefied natural gas (LNG), and 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, among other things, to sustain essential imports—including fuel, LNG, food, fertilisers, and pharmaceuticals—by providing vital short-term foreign exchange (FX) and liquidity support to vulnerable member states.

It further aims to empower African energy and mineral 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, the programme 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 medium- to long-term resilience in African and Caribbean economies by scaling productive capacities for energy and mineral producers, while accelerating the completion of critical energy, port, and logistics infrastructure projects in member states delayed by the conflict.

Commenting on the facility, 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.”

These historical interventions underscore Afreximbank’s ability to deploy robust and innovative risk-mitigation frameworks to help member states navigate global volatility, with a proven track record of success.

Through the GCRP, Afreximbank has already begun taking proactive steps in partnership with banks and corporates to secure fuel, other energy supplies, fertilisers, and essential food imports, which have been disrupted by the prolongation of the crisis.

Beyond 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.