CAIRO — The Board of Directors of the African Export-Import Bank (Afreximbank) has officially approved a $10 billion Gulf Crisis Response Programme (GCRP) designed to protect African and Caribbean economies from the severe economic shocks of the ongoing regional conflict.
The initiative comes as a direct response to the escalating Gulf conflict that began on February 28, 2026. The crisis has caused significant disruptions to global supplies of oil, LNG, and fertilizers, while also compromising critical shipping routes such as the Strait of Hormuz. These disruptions have hit import-dependent African and CARICOM (Caribbean Community) nations the hardest, negatively impacting investment, tourism, and essential remittance flows.
The GCRP is structured to provide short-term foreign exchange and liquidity support to ensure the continued import of vital commodities, including fuel, food, and pharmaceuticals. Additionally, the programme is designed to help African energy and mineral exporters leverage elevated commodity prices and rerouted trade flows.
Looking beyond the immediate crisis, Afreximbank intends to use the GCRP to:
- Scale productive capacities across member states.
- Advance critical energy and logistics infrastructure projects.
- Strengthen economic resilience to protect against future global volatility.
Afreximbank President and Chairman of the Board, George Elombi, stated that the programme reflects the Bank’s commitment to helping countries navigate sudden global shocks while reinforcing structural transformation.
The GCRP builds on the Bank’s previous success with the Ukraine Crisis Adjustment Trade Financing Programme. Originally a 4billioninitiative,thatprogrammeultimatelydisbursed∗∗39 billion** to help African nations manage liquidity gaps and secure essential imports during the Ukraine crisis.
Implementation of the GCRP is already underway. Afreximbank has begun partnering with various banks and corporations to secure supplies of energy and food that were disrupted by the conflict.
To ensure a comprehensive impact, the Bank is coordinating a regional response with several major organizations, including:
- The African Union Commission (AUC).
- The UN Economic Commission for Africa (UNECA).
- The AfCFTA Secretariat.
- The CARICOM Secretariat.
This collaborative effort aims to bolster trade resilience, energy security, and supply chain diversification across the affected regions.