Afreximbank Approves $10bn for Gulf Crisis Support

The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Program (GCRP) aimed at cushioning the economies of African and Caribbean nations from the economic fallout of the ongoing conflict in the Middle East, which began on February 28, 2026. The conflict has disrupted global supply chains and commodity markets, particularly affecting energy trade flows through the Strait of Hormuz.

The GCRP is designed to provide immediate foreign exchange liquidity and trade finance support to member countries facing rising import costs and fiscal strains. The program will also assist sectors such as tourism and aviation, which have been adversely impacted by the crisis.

Afreximbank's board, led by Chairman Georg Elombi, emphasized that the initiative aligns with the bank's mandate to respond swiftly to external shocks affecting its member states, aiming to strengthen economic resilience and support structural adjustments.