Afreximbank Approves $10 Billion Support Programme to Ease Impact of Middle East Conflict
Addis Ababa, April 8, 2026 (FMC) — The African Export-Import Bank (Afreximbank) has approved a $10 billion Gulf Crisis Response Programme (GCRP) aimed at shielding African and Caribbean economies from the economic shocks triggered by the escalating conflict in the Middle East.
The conflict, which intensified on February 28, 2026, has disrupted global markets, affecting countries that rely heavily on fuel, fertiliser, and food imports, as well as those dependent on Gulf shipping corridors. It has also impacted investment, tourism, and remittance flows in the affected regions.
The GCRP is designed to sustain essential imports, including fuel, liquefied natural gas (LNG), food, fertilisers, and pharmaceuticals, by providing short-term foreign exchange and liquidity support to vulnerable member states. The programme will also assist African energy and mineral exporters to capitalise on elevated prices and redirected trade flows through pre-export finance, working capital, and inventory financing.
In addition to immediate relief, the programme aims to build medium- and long-term resilience by accelerating critical infrastructure projects in energy, ports, and logistics, while enhancing productive capacity for energy and mineral producers. Sectors such as tourism and aviation, which have been adversely affected by the crisis, are also expected to benefit from targeted support under the initiative.
Commenting on the programme, Afreximbank President George Elombi said, “This crisis response programme aligns with our mandate. It will help African countries adjust to the current shocks while strengthening their resilience to future crises through interventions that transform the structure of their economies.”
The GCRP builds on Afreximbank’s previous emergency interventions, including a $4 billion Ukraine Crisis Adjustment Trade Financing Programme, which provided $39 billion in support to African countries during the 2023/24 Ukraine crisis.
As part of the initiative, Afreximbank is coordinating with banks, corporates, and regional organisations, including the UN Economic Commission for Africa (UNECA), the African Union Commission (AUC), the AfCFTA Secretariat, and the CARICOM Secretariat, to enhance energy security, trade resilience, and supply chain diversification.
Afreximbank, headquartered in Cairo, Egypt, is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. Over 30 years, it has developed innovative financial structures to support trade transformation, industrialisation, and the implementation of the African Continental Free Trade Agreement (AfCFTA).