The African Export-Import Bank (Afreximbank) has unveiled a US$10 billion facility aimed at shielding African and Caribbean economies from the economic fallout of the escalating United States–Israel conflict with Iran.
The facility — the Gulf Crisis Response Programme (GCRP) — was approved by Afreximbank’s board of directors and launched on March 31.
The conflict escalated on February 28 when the United States and Israel launched strikes on Iran, which responded with attacks on Gulf countries and Israel. The escalation has sent shockwaves through the global economy, exposing the vulnerability of many African and Caribbean economies to external disruptions.
Given the Gulf region’s significance as a major global supplier of oil, liquefied natural gas (LNG) and fertilisers — as well as the strategic importance of the Strait of Hormuz — the outbreak of hostilities has triggered wide-ranging global repercussions.
African and Caribbean countries that rely heavily on fuel, fertiliser and food imports, as well as those dependent on shipping routes through the Gulf, have been particularly affected. The crisis has also disrupted investment flows, tourism and remittances.
The GCRP is designed to help sustain essential imports — including fuel, LNG, food, fertiliser and pharmaceuticals — by providing short-term foreign currency liquidity to vulnerable member states.
The programme will also enable African energy and mineral exporters to capitalise on rising commodity prices and shifting trade routes by scaling up production in strategic commodities through pre-export financing, working capital and inventory financing.
In addition, the facility provides short-term relief to African and Caribbean countries whose tourism and aviation sectors have been adversely affected by the crisis.
Beyond emergency support, the programme intends to strengthen medium- to long-term resilience by boosting productive capacity among energy and mineral exporters and accelerating the completion of critical energy, port and logistics infrastructure projects that may have been delayed by the conflict.
Afreximbank president and chairperson of the board of directors, George Elombi, said the initiative reflects the bank’s long-standing approach to responding to global economic shocks.
“This crisis response programme is in tune with our DNA,” Elombi said.“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.”
The GCRP builds on a series of emergency interventions introduced by Afreximbank in recent years to cushion economies from global shocks such as the 2015/16 commodity downturn, the COVID-19 pandemic and the Russia-Ukraine war.
During the Ukraine crisis, the bank launched the US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa to help countries manage the economic impact of the conflict. Under the initiative, Afreximbank disbursed US$39 billion to help African economies bridge liquidity gaps and secure access to essential commodities.
These interventions highlight Afreximbank’s ability to deploy innovative risk-mitigation mechanisms to help member states navigate global volatility.
Under the new programme, the bank has already begun working with financial institutions and corporate partners to secure fuel, energy supplies, fertilisers and essential food imports disrupted by the prolonged conflict.
Beyond financing, Afreximbank will also spearhead a coordinated regional response in partnership with the United Nations Economic Commission for Africa, the African Union Commission, the African Continental Free Trade Area Secretariat and the Caribbean Community Secretariat to strengthen energy security, trade resilience and supply chain diversification across Africa and the Caribbean.
