Afreximbank Launches $10 Billion Program for Africa, Caribbean

Afreximbank has launched a $10 billion financing program to assist African and Caribbean economies in mitigating the economic disruptions caused by the Gulf crisis, which has intensified since February 28, 2023. The program, approved by the bank's board, is set to commence on March 31, 2026, and aims to provide short-term foreign exchange liquidity to support essential imports such as fuel, liquefied natural gas, food, fertilizers, and pharmaceuticals.

This initiative is designed to help member states manage rising import costs and supply disruptions. Dr. George Elombi, the President and Chairman of the Board of Directors of Afreximbank, emphasized the program's role in helping countries navigate external economic shocks and strengthening their resilience against future crises.

The financing program follows previous initiatives by Afreximbank to cushion member states from global disruptions, including a $4 billion program during the Ukraine crisis. The bank plans to collaborate with various financial institutions and organizations to enhance energy security and diversify supply chains.