Arab Finance: The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) to support African and Caribbean Community (CARICOM) economies affected by the ongoing conflict in the Middle East, as per a statement.

The GCRP is designed to support essential imports, including fuel, liquefied natural gas (LNG), food, fertilizers, and pharmaceuticals, by providing short-term foreign exchange liquidity to vulnerable member states.

It also aims to support African energy and minerals exporters in responding to changes in commodity prices and trade flows by expanding production capacity through pre-export finance, working capital, and inventory financing.

The program also includes short-term support for countries whose tourism and aviation sectors have been affected. In addition, it focuses on strengthening economic resilience by supporting production capacity and advancing energy, port, and logistics infrastructure projects that have faced delays.

Through the GCRP, Afreximbank has started working with banks and corporates to secure supplies of fuel, energy products, fertilizers, and essential food imports affected by ongoing disruptions.

The bank will also coordinate with the United Nations Economic Commission for Africa (UNECA), the African Union Commission (AUC), the African Continental Free Trade Area Secretariat, and the CARICOM Secretariat to support coordination on energy security, trade, and supply chains.

The decision, approved by Afreximbank’s board of directors, follows the escalation of the US-Iran conflict on February 28th, 2026, which has affected global markets. The Gulf region’s role in supplying oil, LNG, and fertilizers, and its position along key shipping routes such as the Strait of Hormuz, have contributed to disruptions affecting African and Caribbean economies.

Countries that rely on fuel, fertilizer, and food imports, as well as those connected to Gulf shipping routes, tourism, investment flows, and remittances, have been among those affected.

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