African Export–Import Bank's $10 Billion Gulf Crisis Response Programme

The African Export–Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) to mitigate the severe economic shocks on African and Caribbean economies caused by the escalating conflict in the Middle East, which intensified on February 28, 2026. The conflict, particularly involving Iran, Israel, and the United States, has disrupted global trade, energy supplies, and investment flows, with significant repercussions for nations reliant on fuel, fertilizer, and food imports, as well as those exposed to Gulf shipping corridors. The GCRP, championed by George Elombi, aims to sustain essential imports, empower African energy and mineral exporters, and provide relief to affected tourism and aviation sectors. Beyond immediate financing, the African Export–Import Bank will collaborate with entities like the International===United Nations Economic Commission for Africa, African Union Commission, African Continental Free Trade Area Secretariat, and Caribbean Community to coordinate a regional response for energy security, trade resilience, and supply chain diversification. This initiative builds on the African Export–Import Bank's history of crisis interventions, including support during the COVID-19 pandemic and the Ukraine crisis, and follows recent financial activities such as underwriting a $2.5 billion loan for Dangote Petroleum Refinery and Petrochemicals.