Afreximbank Rolls Out $10 Billion Fund to Shield African, Caribbean Economies from Gulf Crisis

Mintesinot Nigussie

The African Export-Import Bank (Afreximbank) has launched a 10 billion US dollars Gulf Crisis Response Programme (GCRP) to buffer African and Caribbean economies against the ripple effects of the escalating Middle East conflict that began on February 28, 2026.

The crisis has disrupted trade routes, inflated costs and strained supply chains. Countries heavily dependent on fuel, food, fertiliser imports and tourism revenues are facing heightened economic vulnerability.

Under the programme, Afreximbank will provide short-term foreign exchange and liquidity to sustain essential imports including fuel, LNG, food, fertilisers and pharmaceuticals. African energy and mineral exporters will gain access to pre-export finance, working capital and inventory financing.

The GCRP also addresses the tourism and aviation sectors, which have been disrupted by the conflict, while aiming to strengthen long-term resilience by accelerating critical energy, port and logistics infrastructure projects.

“This crisis response programme is in tune with our DNA. We understand the pain points these shocks create and the structural adjustments they demand,” said Dr. George Elombi, Afreximbank President and Chairman of the Board.

The initiative builds on Afreximbank’s track record of emergency interventions. During the Ukraine crisis, the bank’s 4 billion US dollars programme disbursed 39 billion US dollars, helping member states bridge liquidity gaps.

Beyond financing, Afreximbank is coordinating a regional response with the UN Economic Commission for Africa, the African Union Commission, the AfCFTA Secretariat and the Caribbean Community Secretariat to enhance energy security and supply chain diversification.

Businesses across trade, energy and logistics sectors are expected to benefit from the new liquidity support and accelerated infrastructure projects.

Overall, the $10 billion Gulf Crisis Response Programme demonstrates Afreximbank’s commitment to protecting African and Caribbean economies from external shocks and supporting long-term resilience.