Afreximbank unveils $10B plan to shield Africa & the Caribbean from Gulf crisis fallout

CAIRO -  7 April 2026: The Board of Directors of the African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) aimed at protecting African and Caribbean economies, financial institutions, and corporations from the crisis’s economic shocks.

 

This comes in response to the escalating Gulf conflict that began on 28 February 2026.

 

The conflict, which has disrupted global oil, LNG, fertilizer supplies, and key shipping routes such as the Strait of Hormuz, has hit import-dependent African and CARICOM countries hardest, while also affecting investment, tourism, and remittance flows.

 

The GCRP seeks to maintain critical imports, including fuel, LNG, food, fertilizers, and pharmaceuticals, through short-term foreign exchange and liquidity support. It also aims to enable African energy and mineral exporters to take advantage of elevated prices and rerouted trade flows, while providing relief to tourism and aviation sectors affected by the crisis. 

 

In the medium to long term, the programme focuses on scaling productive capacities, advancing energy and logistics infrastructure projects, and strengthening economic resilience against future shocks.

 

George Elombi, Afreximbank President and Chairman of the Board, said: “This crisis response programme reflects our deep understanding of African economies and the challenges posed by sudden global shocks. It will help countries navigate the current crisis while reinforcing long-term resilience and structural transformation.”

 

The initiative builds on Afreximbank’s prior emergency interventions, such as the $4 billion Ukraine Crisis Adjustment Trade Financing Programme, which disbursed $39 billion to help African countries manage liquidity gaps and secure essential imports during the Ukraine crisis.

 

Afreximbank has already begun implementing GCRP measures by partnering with banks and corporations to secure energy, fertilizer, and food supplies disrupted by the Gulf crisis. Additionally, the Bank will coordinate a regional response with the UN Economic Commission for Africa (UNECA), African Union Commission (AUC), African Continental Free Trade Area (AfCFTA) Secretariat, and CARICOM Secretariat to bolster trade resilience, energy security, and supply chain diversification.

 

The GCRP underscores Afreximbank’s proactive approach in safeguarding member states against global economic volatility while supporting sustainable development.