Afreximbank Unveils $10 Billion Aid for Africa, Caribbean Amid Gulf Crisis

The African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies from the economic fallout of the ongoing Middle East conflict.

The U.S.-Israeli military campaign against Iran, which began on Feb. 28, 2026, has disrupted global energy and commodity markets. The Gulf region supplies a significant share of the world’s oil, liquefied natural gas (LNG), and fertilizers, and the closure of the Strait of Hormuz has compounded the shock for import-dependent economies in Africa and the Caribbean Community (CARICOM).

The GCRP will provide short-term foreign currency and liquidity support to sustain imports of fuel, food, fertilizers, and pharmaceuticals. It will also offer pre-export financing and working capital to help African energy and mineral exporters capitalize on higher commodity prices, while providing relief to tourism and aviation sectors hit by the crisis.

Over the medium term, the program aims to accelerate completion of energy, port, and logistics infrastructure projects stalled by the conflict.

“The programme will help African countries adjust to the crisis while strengthening their resilience to future shocks,” said George Elombi, Afreximbank president and chairman of the board, at the program’s launch on March 31, 2026.

The GCRP follows a series of emergency interventions by the bank, including a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme launched in response to the 2022 conflict, under which the bank disbursed a total of US$39 billion to member states. Earlier programs addressed the 2015–16 commodity price downturn and the COVID-19 pandemic.

Afreximbank will coordinate the regional response alongside the UN Economic Commission for Africa, the African Union Commission, the African Continental Free Trade Area Secretariat, and the CARICOM Secretariat, focusing on energy security, trade resilience, and supply chain diversification.