Afreximbank $10B Gulf Crisis Response

The African Export–Import Bank has approved a $10 billion Gulf Crisis Response Programme (GCRP) to mitigate the severe economic shocks experienced by African and Caribbean economies due to the escalating conflict in the Middle East, which intensified on February 28, 2026. The conflict, involving the United States, Israel, and Iran, has disrupted global supply chains, particularly affecting the Strait of Hormuz, a critical shipping corridor for oil, liquefied natural gas (LNG), and fertilizers. The GCRP, launched on March 31, 2026, aims to sustain essential imports, provide short-term foreign exchange and liquidity support, and empower African energy and mineral exporters to capitalize on market changes. Additionally, it offers relief to the tourism and aviation sectors and seeks to build long-term economic resilience by accelerating infrastructure projects. Dr. George Elombi, President and Chairman of the Board of Directors at African Export–Import Bank, emphasized the program's alignment with the bank's mission to support member states through economic crises. The African Export–Import Bank will also coordinate a regional response with the International — United Nations Economic Commission for Africa, the African Union Commission, the African Continental Free Trade Area Secretariat, and the Caribbean Community Secretariat to enhance energy security and trade resilience.