The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies from the escalating economic fallout of the Middle East conflict, now entering its 38th day.
The massive financial package aims to provide immediate liquidity to member states struggling with soaring energy costs and supply chain disruptions triggered by the hostilities that began on February 28, 2026.
The $10 billion facility is designed as a multi-pronged intervention to stabilize macroeconomics across the continent and the CARICOM region. It will facilitate the purchase of fuel, fertilizers, and food to prevent domestic shortages and curb surging inflation.
Additionally, the bank will provide foreign exchange buffers to central banks and commercial lenders facing tightened global credit markets. It also plans to finance oil and gas exporters looking to increase output to fill the global supply vacuum.
As the conflict crosses the five-week mark, global oil prices have spiked significantly, recently trading above $116 per barrel. This volatility has placed immense pressure on African importers already grappling with high debt-servicing costs.
The GCRP follows the successful model of the bank’s 2022 Ukraine crisis programme. However, the decision to more than double the funding reflects the deeper risks posed by the Middle East’s role in global energy and fertilizer markets.
Afreximbank officials noted that the programme is critical to maintaining trade momentum. It aims to ensure that corridors remain open despite the closure of key shipping routes in the Gulf.
Last week, the bank successfully closed a $2 billion dual-tranche syndicated term loan facility, marking the largest debt capital markets transaction in the institution’s history.
By providing this financial firewall, the bank intends to prevent geopolitical tension from reversing recent economic recovery gains. Applications for the facility are now open to eligible central banks, with disbursements expected to begin imminently.
