Afreximbank launches $10bn facility to support imports, stabilise currencies and help economies weather Middle East crisis disruptions.
The African Export-Import Bank has approved a $10 billion emergency facility aimed at cushioning African and Caribbean economies from the widening economic fallout of the escalating Middle East conflict, as concerns mount over disruptions to global energy, food and financial markets.
The lender in a statement on Tuesday said its Board signed off on the Gulf Crisis Response Programme (GCRP) as part of efforts to insulate vulnerable economies from sharp external shocks triggered by the crisis.
The conflict which began on February 28, 2026 has since rattled supply chains and commodity markets worldwide, underscoring the strategic importance of the Gulf region to global energy and trade flows, particularly given its dominance in oil and gas exports and the critical shipping route through the Strait of Hormuz.
For many African and Caribbean economies that depend heavily on imports and external inflows, the disruptions have translated into higher inflation, fiscal strain and balance of payments pressures.
According to the bank, the programme is designed to provide immediate foreign exchange liquidity and trade finance support to member countries grappling with rising import costs and constrained access to critical supplies such as fuel, liquefied natural gas, fertilisers, food and pharmaceuticals.
The intervention, it explained, is also expected to stabilise currencies under pressure from elevated import bills and capital flow volatility.
Afreximbank said the initiative would not only address immediate liquidity challenges but also enable countries and corporate organisations to take advantage of emerging opportunities from shifting global trade patterns.
According to the organisation, this includes supporting energy and mineral exporters with pre-export finance, working capital and inventory financing to scale production and benefit from higher commodity prices.
“To counter the severe economic shocks triggered by the escalating conflict in the Middle East, the Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impacts of the ongoing Gulf crisis.
“Given the significance of the Gulf region as a primary global source of oil, Liquid Nitrogen Gas (LNG), fertilisers, as well as the critical role of the Strait of Hormuz, the outbreak has triggered wider repercussions at a global scale, including adversely affecting African and CARICOM economies.
“These impacts specifically affect nations that heavily rely on fuel, fertiliser, and food imports, alongside those exposed to Gulf shipping corridors, investment flows, tourism and remittance inflows. GCRP is designed to, among others, sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states,” the bank noted.
In addition to trade and liquidity support, the facility, the organisation said, will provide targeted assistance to sectors such as tourism and aviation, which have been adversely affected by reduced travel flows and heightened geopolitical uncertainty.
The bank also indicated that part of the funding would go towards accelerating critical infrastructure projects, particularly in energy, ports and logistics, that have faced delays due to the crisis.
“It further aims to empower African energy and minerals exporters to capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing.
“Additionally, it provides short term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis,” Afreximbank added.
President and Chairman of the Board of Directors, George Elombi, while commenting on the move, said it aligns with the bank’s longstanding mandate to respond swiftly to external shocks affecting its member states. He noted that beyond short-term relief, the programme is structured to strengthen economic resilience by supporting structural adjustments and boosting productive capacity.
“This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises. The programme will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks through interventions that transform the structure of their economies.
“I commend the Board of Directors of Afreximbank for their proactivity and fortitude in approving this intervention programme,” Elombi stated.
The GCRP, according to the bank, builds on Afreximbank’s history of crisis-response interventions. During previous global disruptions, including the COVID-19 pandemic and the Ukraine conflict, the bank recalled that it deployed large-scale financing programmes to help member countries maintain access to essential imports and stabilise their economies.
One such initiative, the Ukraine Crisis Adjustment Trade Financing Programme, it said, saw significant disbursements aimed at bridging trade finance gaps across the continent.
Beyond financing, the bank stated that it is spearheading a broader institutional response in collaboration with key regional and international bodies, including the United Nations Economic Commission for Africa (UNECA), the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat and the Caribbean Community (CARICOM) Secretariat.
The partnerships, it pointed out, are expected to enhance coordination on energy security, trade resilience and supply chain diversification across affected regions.
“The GCRP builds on a series of timely emergency interventions introduced by Afreximbank in recent years, which have helped to cushion most economies from the impact of recent shocks such as the commodity shock of 2015/16, the COVID-19 Pandemic of 2020/2021 and the Ukraine crisis of 2023/24.
“For instance, the Bank launched a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) to help African countries confront the trade and economic impact of the Ukraine crisis. Under this programme, the Bank disbursed a total of US$39 billion which helped most countries in Africa to bridge gaps associated with liquidity or access to essential goods.
“These historical interventions underscore Afreximbank’s ability to deploy robust and innovative risk-mitigation frameworks to help its member states navigate global volatility, with a successful track record,” the lender stated.
