US$10 Billion Gulf Crisis Fund Launched for Africa and CARICOM
In response to the severe economic shocks caused by the escalating Middle East conflict, the African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean Community (CARICOM) economies, financial institutions, and corporates from the crisis.
The conflict, which intensified on 28 February 2026, has disrupted global supply chains, particularly affecting fuel, LNG, fertilisers, and food imports, with African and CARICOM nations bearing the heaviest impact.
The programme is designed to sustain essential imports, provide short-term foreign exchange and liquidity support, and empower energy and minerals exporters to capitalise on elevated prices and rerouted trade flows.
Afreximbank’s GCRP will also provide short-term relief to tourism and aviation sectors and aims to build medium- and long-term economic resilience by accelerating strategic infrastructure projects across energy, ports, and logistics.
Dr. George Elombi, President and Chairman of Afreximbank, said: “This crisis response programme reflects our DNA. We understand the vulnerabilities of our economies and aim to support countries in adjusting to this crisis while strengthening resilience to future shocks. I commend the Board for their proactivity and fortitude in approving this intervention.”
The GCRP builds on Afreximbank’s history of timely interventions, including the US$4 billion Ukraine Crisis Adjustment Trade Financing Programme, which disbursed US$39 billion to help African countries mitigate the economic impact of the Ukraine conflict.
Already, Afreximbank has begun partnerships with banks and corporates to secure fuel, energy supplies, fertilisers, and essential food imports. Beyond financing, the Bank will coordinate regional efforts with the UN Economic Commission for Africa, the African Union Commission, the AfCFTA Secretariat, and the CARICOM Secretariat to strengthen energy security, trade resilience, and supply chain diversification.
