The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) aimed at shielding African and Caribbean economies from the economic disruptions caused by the ongoing Middle East conflict.

The facility comes in response to escalating tensions in the Gulf region since February 28, which have sent shockwaves through global markets. With the region serving as a major source of crude oil, liquefied natural gas (LNG) and fertilisers –and home to the strategic Strait of Hormuz – the crisis has triggered supply chain disruptions and price volatility, hitting import-dependent economies in Africa and the Caribbean hard.

Countries reliant on fuel, fertiliser and food imports, as well as those exposed to Gulf shipping routes, are facing mounting pressure. The crisis has also dampened investment flows, tourism and remittances across affected regions.

Afreximbank said the GCRP is designed to provide immediate relief by supporting the import of essential commodities such as fuel, LNG, food, fertiliser and pharmaceuticals.

The programme will offer short-term foreign exchange and liquidity support to vulnerable economies, while enabling energy and mineral exporters to take advantage of higher global prices through expanded production and trade financing, the bank said.

In addition, the facility will extend targeted support to countries whose tourism and aviation sectors have been impacted, while promoting longer-term resilience by financing critical infrastructure projects in energy, ports and logistics.

Speaking on the initiative, Afreximbank President and Chairman of the Board, Dr George Elombi, described the programme as a strategic response aligned with the bank’s mandate.

“This crisis response programme reflects our deep understanding of the structural vulnerabilities of our economies. It will not only help countries navigate immediate shocks but also strengthen their capacity to withstand future disruptions,” he said, commending the board for its swift approval of the intervention.

The GCRP, launched on March 31, builds on Afreximbank’s track record of crisis-response interventions, including its $4 billion Ukraine Crisis Adjustment Trade Financing Programme, under which the bank disbursed $39 billion to support African economies during the 2023/2024 global disruptions.

According to the bank, the interventions highlight its ability to deploy innovative financing solutions to help member states manage global economic volatility.

Afreximbank added that it has already begun working with partner banks and corporates to secure critical supplies of fuel, fertilisers and food, which have been affected by the prolonged crisis.

Beyond financing, the bank said it would collaborate with key regional and international institutions – including the UN Economic Commission for Africa (UNECA), African Union Commission (AUC), AfCFTA Secretariat and CARICOM Secretariat – to strengthen energy security, boost trade resilience and diversify supply chains across Africa and the Caribbean.