Afreximbank commits US$10bn under GCRP to shield CARICOM economies from on-going conflict

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To counter the severe economic shocks triggered by the escalating conflict in the Middle East, the Board of Directors of African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis.

The conflict, which escalated on 28 February 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the largest share of the brunt. Given the significance of the Gulf region as a primary global source of oil, Liquid Nitrogen Gas (LNG), fertilisers, as well as the critical role of the Strait of Hormuz, the outbreak has triggered wider repercussions at a global scale, including adversely affecting African and CARICOM economies. These impacts specifically affect nations that heavily rely on fuel, fertiliser, and food imports, alongside those exposed to Gulf shipping corridors, investment flows, tourism and remittance inflows.

GCRP is designed to, among others sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states. It further aims to empower African energy and minerals exporters to capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing. Additionally, it provides short term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis. The programme is also designed to build the medium to long-term resilience of African and Caribbean economies against future shocks by scaling productive capacities for producers and exporters of energy, minerals while accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states, delayed by the conflict.

Commenting on the facility, launched on March 31, 2026, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank 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. I commend the Board of Directors of Afreximbank for their proactivity and fortitude in approving this intervention programme.