To mitigate the economic fallout from the escalating Middle East conflict, the Board of Directors of the African Export-Import Bank has approved a US$10 billion Gulf Crisis Response Programme (GCRP). The initiative aims to protect African and Caribbean economies, financial institutions, and corporates from the disruptions caused by the conflict, which intensified on 28 February 2026.
The Gulf crisis has sent shockwaves through global markets, particularly affecting countries dependent on fuel, fertilizers, and food imports, as well as those reliant on shipping through the Strait of Hormuz. The conflict has also disrupted investment, tourism, and remittance inflows in the region.
The GCRP will provide short-term foreign exchange and liquidity to sustain essential imports, including fuel, LNG, food, fertilizers, and pharmaceuticals. It will also support African energy and mineral exporters to take advantage of higher prices and rerouted trade flows through pre-export financing, working capital, and inventory funding. The programme offers targeted relief to tourism and aviation sectors affected by the crisis.
In addition to immediate interventions, the programme seeks to strengthen medium- and long-term resilience by expanding productive capacity in energy and minerals and accelerating key infrastructure projects in energy, ports, and logistics that have been delayed due to the conflict.
Commenting on the programme, Dr George Elombi said: “This crisis response programme aligns with our mission. It will help African countries adjust smoothly to the crisis while building long-term resilience through interventions that transform the structure of their economies.”
The GCRP builds on Afreximbank’s history of emergency response initiatives, including the US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA), which disbursed US$39 billion to cushion African economies during the Ukraine crisis.
Afreximbank has already begun working with banks and corporates to secure fuel, energy supplies, fertilizers, and essential food imports disrupted by the crisis. Beyond financing, the Bank will coordinate regional responses in partnership with the UN Economic Commission for Africa, African Union Commission, African Continental Free Trade Area Secretariat, and Caribbean Community Secretariat to strengthen energy security, trade resilience, and supply chain diversification.
