Afreximbank unveils $10bn crisis fund to protect African and Caribbean economies

The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme aimed at shielding African and Caribbean Community (CARICOM) economies from the economic fallout of the ongoing Middle East conflict.

The decision, taken by the bank’s Board of Directors, comes as the crisis, which escalated on 28 February 2026, continues to send shockwaves through the global economy, with African and Caribbean nations among the hardest hit. The Gulf region remains a critical global supplier of oil, liquefied natural gas, fertilisers, and a key shipping route via the Strait of Hormuz, making the disruption particularly severe for import-dependent economies.

Countries heavily reliant on fuel, fertiliser and food imports, as well as those exposed to Gulf shipping routes, investment flows, tourism and remittances, are facing significant economic strain as a result of the conflict.

The Gulf Crisis Response Programme is designed to sustain essential imports, including fuel, gas, food, fertilisers and pharmaceuticals, by providing short-term foreign exchange and liquidity support to vulnerable member states. It will also enable African exporters of energy and minerals to take advantage of rising prices and shifting trade routes through pre-export finance, working capital and inventory support.

In addition, the programme offers short-term relief to countries whose tourism and aviation sectors have been disrupted, while also supporting long-term economic resilience by boosting productive capacity and accelerating critical infrastructure projects in energy, ports and logistics that have been delayed by the crisis.

Commenting on the facility, launched on 31 March 2026, Dr George Elombi, President and Chairman of the Board of Directors at Afreximbank said: “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."

The initiative builds on a track record of emergency interventions by the bank, including support during the commodity shock of 2015/16, the COVID-19 pandemic of 2020/2021 and the Ukraine crisis of 2023/24. During the latter, Afreximbank launched a $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa, through which it disbursed $39 billion to help countries address liquidity challenges and maintain access to essential goods.

The bank said these interventions highlight its capacity to deploy innovative risk-mitigation measures to help member states navigate global economic volatility.

Under the new programme, Afreximbank has already begun working with financial institutions and corporates to secure fuel, energy supplies, fertilisers and essential food imports disrupted by the prolonged crisis.

Beyond financing, the bank will coordinate a broader regional response in collaboration with the United Nations Economic Commission for Africa, the African Union Commission, the African Continental Free Trade Area Secretariat and the CARICOM Secretariat to strengthen energy security, trade resilience and supply chain diversification across affected regions.