Pan-African multilateral financial institution, the African Export-Import Bank (Afreximbank), has approved a $10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Iran war.
The GCRP builds on a series of timely emergency interventions introduced by the lender in recent years, which have helped 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.
The latest conflict, which escalated on February 28, 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the largest share of the brunt. 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.
According to Afreximbank in a statement on Tuesday, 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. 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.
The programme is also designed to build the medium to long-term resilience of African and Caribbean economies against future shocks by scaling productive capacities for producers and exporters of energy, minerals while accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states, delayed by the conflict.
Commenting on the facility, launched on March 31, 2026, Mr 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.”
Through GCRP, Afreximbank has already begun taking proactive steps through partnerships with banks and corporates to secure fuel, other energy supplies, fertilisers, and essential food imports, whose supplies have been interrupted by the elongation of the crisis.
Beyond the financing, Afreximbank will spearhead a coordinated regional response in partnership with the UN Economic Commission for Africa (UNECA), the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat, and the Caribbean Community (CARICOM) Secretariat to strengthen regional coordination on energy security, trade resilience, and supply chain diversification.