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The African Export-Import Bank (Afreximbank) has approved a US$10 billion support package to help African and Caribbean economies withstand the economic fallout from the escalating conflict in the Gulf, the bank said on Tuesday.
The Gulf Crisis Response Programme (GCRP) is designed to cushion governments, financial institutions and corporates from disruptions triggered by the conflict, which intensified on February 28 and has rattled global supply chains, energy markets and trade routes.
Afreximbank said in a statement released from Cairo, Egypt that African and CARICOM states were among the hardest hit, as many rely heavily on imports of fuel, LNG, fertiliser and food, and remain exposed to trade flows through the Strait of Hormuz.
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It said that the war has also disrupted investment, tourism and remittances.
The GCRP will provide short-term foreign exchange and liquidity to enable countries to sustain essential imports, including fuel, energy products, food, fertilisers and pharmaceuticals. It will also support exporters of energy and minerals seeking to take advantage of higher global prices and shifting trade flows.
The bank said the programme would help build long-term resilience by financing critical energy, port and logistics infrastructure projects that have been delayed by the crisis.
“This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises,” Afreximbank President and Board Chairman Dr George Elombi said.
“The programme will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks,” Elombi said.
The lender said the new facility followed earlier emergency programmes deployed in response to the 2015–16 commodity downturn, the COVID-19 pandemic, and the Ukraine crisis of 2023–24.
Under its Ukraine Crisis Adjustment Trade Financing Programme, Afreximbank said it disbursed US$39 billion to help African states secure essential goods.
Afreximbank said it has already begun working with banks and corporates to secure fuel, fertiliser and food shipments affected by the prolonged Gulf crisis.
It will also coordinate a broader regional response with the UN Economic Commission for Africa, the African Union Commission, the AfCFTA Secretariat and the CARICOM Secretariat to strengthen supply chain resilience and energy security.
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