Afreximbank Unveils $10bn Programme To Shield African, Caribbean Countries From Gulf Shock

The Board of Directors of African Export-Import Bank has approved a $10 billion Gulf Crisis Response Programme to cushion the impact of economic shocks triggered by the escalating conflict in the Middle East on African and Caribbean economies.

Afreximbank, on Tuesday, stated that the facility is designed to sustain essential imports, including fuel, liquefied natural gas (LNG), food, fertiliser, and pharmaceuticals, by providing short-term foreign exchange and liquidity support to vulnerable member states.

The conflict, which escalated on February 28, 2026, has sent shockwaves across the global economy, with African and Caribbean countries among the hardest hit.

Afreximbank noted that the strategic importance of the Gulf region as a major global supplier of oil, LNG and fertilisers, as well as the critical role of the Strait of Hormuz, has amplified the crisis, triggering widespread disruptions and adverse effects on African and CARICOM economies.

Beyond immediate relief, the programme is structured to strengthen medium- to long-term economic resilience. It will support the acceleration of critical energy, port and logistics infrastructure projects in African and Caribbean member states that have been delayed by the crisis.

The bank added that the initiative will also enable African energy and minerals exporters to take advantage of elevated commodity prices and shifting trade routes by scaling up productive capacity through pre-export finance, working capital and inventory financing.

In addition, the programme will provide short-term relief to countries whose tourism and aviation sectors have been negatively impacted by the crisis.

Commenting on the initiative, launched on March 31, 2026, president and chairman of the Board of Directors of Afreximbank, George Elombi, said the intervention reflects the bank’s commitment to supporting member countries during periods of economic disruption.

“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 programme,” he said.

The GCRP builds on a series of timely emergency interventions introduced by Afreximbank in recent years, which have helped cushion most economies from the impact of shocks such as the commodity shock of 2015/16, the COVID-19 Pandemic of 2020/2021, and the Ukraine crisis of 2023/24.

For instance, the Bank launched a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) to help African countries confront the trade and economic impact of the Ukraine crisis. Under this programme, the Bank disbursed a total of US$39 billion, helping most African countries bridge liquidity gaps and access to essential goods.