The Board of Directors of the African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP). The initiative is specifically engineered to insulate African and Caribbean nations from the severe economic shocks triggered by the escalating conflict in the Middle East.
The conflict, which intensified on February 28, 2026, has disrupted one of the world’s most vital economic arteries. With the Gulf region serving as a primary source for global oil, Liquid Nitrogen Gas (LNG), and fertilizers, and the Strait of Hormuz facing increased operational risks, the fallout has been immediate and far-reaching.
The GCRP is a multi-dimensional intervention designed to address both immediate vulnerabilities and long-term structural gaps. The programme focuses on three primary pillars:
- Sustaining Essential Imports: Providing short-term Foreign Exchange (FX) and liquidity to ensure the continued flow of fuel, food, pharmaceuticals, and fertilizers to vulnerable member states.
- Capitalizing on Market Shifts: Empowering energy and mineral exporters to scale productive capacity through pre-export finance and working capital, allowing them to benefit from elevated global commodity prices.
- Sector-Specific Relief: Offering financial lifelines to the tourism and aviation industries in Africa and the Caribbean, both of which have seen a sharp decline in activity due to the crisis.
Furthermore, the programme seeks to accelerate the completion of critical energy, port, and logistics infrastructure projects that were delayed by the onset of the conflict.
Commenting on the launch of the facility on March 31, 2026, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, emphasized the bank’s proactive stance:
“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 while strengthening their resilience to future shocks through interventions that transform the structure of their economies.”
Dr. Elombi also lauded the Board for their “fortitude and proactivity” in approving the intervention just weeks after the crisis escalated.
The GCRP follows a series of successful emergency frameworks deployed by Afreximbank over the last decade. The bank has consistently acted as a lender of last resort during global upheavals, including:
| Crisis Period | Intervention Programme | Impact/Disbursement |
| 2015/2016 | Commodity Shock Support | Stabilized export-dependent economies |
| 2020/2021 | COVID-19 Pandemic Response | Provided critical medical and fiscal liquidity |
| 2023/2024 | Ukraine Crisis (UKAFPA) | US$39 billion disbursed to bridge trade gaps |
Beyond direct financing, Afreximbank is spearheading a unified diplomatic and economic front. The bank has already begun coordinating with commercial banks and corporates to secure disrupted supply chains for fuel and food.
To ensure a cohesive continental response, Afreximbank is partnering with several major bodies, including the African Union Commission (AUC), the AfCFTA Secretariat, UNECA, and the CARICOM Secretariat.