Afreximbank Approves $10 Billion for Economic Relief

On April 7, Afreximbank announced the approval of a $10 billion facility aimed at alleviating the economic pressures caused by the ongoing war in Iran, which has disrupted energy supply routes and affected oil-producing nations in the Gulf region. The program, known as the Gulf Crisis Response Program (GCRP), is designed to support vulnerable member states in sustaining essential imports, including liquefied natural gas (LNG), food, fertilizers, and pharmaceuticals.

Afreximbank's intervention aligns with its core mandate to assist member states during economic disruptions. The bank's board swiftly approved this program, which is part of a broader initiative to enhance energy security and trade resilience in collaboration with regional institutions, including the UNECA, AUC, and CARICOM.

This $10 billion program follows Afreximbank's previous crisis interventions, including a $4 billion program launched in response to the Ukraine crisis, which disbursed $3.9 billion to help countries bridge liquidity gaps for essential goods.