The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) to protect African and Caribbean economies, financial institutions, and corporates from the fallout of the escalating Gulf conflict, which intensified on 28 February 2026.
The conflict, impacting global oil, LNG, and fertilizer markets as well as key shipping routes like the Strait of Hormuz, has severely affected African and CARICOM countries reliant on imports, while disrupting investment, tourism, and remittance flows.
The GCRP is designed to sustain essential imports, including fuel, LNG, food, fertilizers, and pharmaceuticals, by providing short-term foreign exchange and liquidity support. It also aims to boost African energy and mineral exports, enhance productive capacity in strategic commodities, and provide relief to tourism and aviation sectors affected by the crisis. Longer-term objectives include strengthening economic resilience, scaling energy and logistics infrastructure, and accelerating completion of critical projects delayed by the conflict.
Dr. George Elombi, Afreximbank President and Board Chairman, 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 GCRP builds on Afreximbank’s history of emergency interventions, including a $4 billion Ukraine Crisis Adjustment Trade Financing Programme, which helped African countries navigate the Ukraine crisis through disbursements totaling $39 billion.
Through the GCRP, Afreximbank has already partnered with banks and corporates to secure energy, fertilizer, and food supplies disrupted by the crisis. The Bank will also coordinate regional responses in partnership with the UN Economic Commission for Africa (UNECA), African Union Commission (AUC), AfCFTA Secretariat, and CARICOM Secretariat to enhance energy security, trade resilience, and supply chain diversification.
