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The African Export-Import Bank (Afreximbank) has unveiled a $10 billion emergency financing initiative to support African and Caribbean economies impacted by the ongoing Middle East conflict.
Known as the Gulf Crisis Response Programme (GCRP), the facility was approved by the Bank’s Board to provide urgent assistance to countries facing disruptions in the supply of fuel, food, and fertilisers, as well as pressure on foreign exchange reserves.
The conflict, which intensified on February 28, 2026, has unsettled global markets, with Africa and the Caribbean particularly vulnerable due to their reliance on imports and key trade routes through the Gulf region, including the Strait of Hormuz.
Through the programme, Afreximbank will offer short-term foreign exchange and liquidity support to help countries maintain critical imports such as fuel, liquefied natural gas, pharmaceuticals, and food.
The initiative will also enable energy and mineral-exporting countries to benefit from rising global prices by providing pre-export financing, working capital, and inventory support.
In addition, the programme includes targeted relief for sectors like tourism and aviation, which have been adversely affected, while also promoting long-term investments in energy, logistics, and port infrastructure to enhance resilience against future shocks.
President and Chairman of the Board of Directors, George Elombi, said the intervention aligns with the Bank’s mission to respond to economic crises and support structural transformation across member countries.
He noted that the programme would help economies adjust to current challenges while building stronger systems to withstand future disruptions.
The GCRP builds on Afreximbank’s previous interventions, including its $4 billion Ukraine Crisis Adjustment Trade Financing Programme, which assisted African countries during earlier global commodity shocks.
Beyond financing, the Bank is collaborating with key partners such as the United Nations Economic Commission for Africa, African Union Commission, African Continental Free Trade Area Secretariat, and Caribbean Community Secretariat to coordinate a broader response focused on energy security, trade resilience, and supply chain diversification.
Source: citinews
