The African Export-Import Bank (Afreximbank) has approved a $10 billion emergency facility to cushion African and Caribbean economies from the growing economic fallout of the Middle East conflict, which began in February 2026. The crisis has disrupted global supply chains, particularly in oil, gas, and shipping routes such as the Strait of Hormuz, triggering inflation, fiscal pressures, and balance of payments challenges across import-dependent economies.
The Gulf Crisis Response Programme (GCRP) is designed to provide immediate foreign exchange liquidity and trade finance support, ensuring continued access to critical imports including fuel, food, fertilisers, and pharmaceuticals. It also aims to stabilise currencies and support sectors like tourism and aviation, while enabling exporters to benefit from rising commodity prices through pre-export and working capital financing.
Beyond short-term relief, Afreximbank says the programme will strengthen long-term resilience by supporting infrastructure, energy, and trade systems. The initiative builds on the bank’s previous crisis interventions and will be implemented in collaboration with regional and global institutions to enhance coordination and economic stability.
