Afreximbank Sets Out $10Bn Support Plan to Ease Middle East Conflict Impact in Africa and the Caribbean

• The African Export-Import Bank has approved a $10Bn Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies, as well as their banks and companies, from the severe economic shocks triggered by the conflict in the Middle East.
• The conflict, which escalated on February 28, 2026, has sent shockwaves through the global economy. Given the significance of the Gulf region as a primary global source of oil, Liquid Nitrogen Gas (LNG), fertilisers, as well as the critical role of the Strait of Hormuz, the outbreak has triggered wider repercussions at a global scale, including adversely affecting African and CARICOM economies. 
• The support programme is designed to sustain essential imports, including fuel, LNG, food, fertiliser, and pharmaceuticals, by providing short-term foreign exchange (FX) and liquidity to support vulnerable member states, particularly those highly dependent on imports and exposed to shipping route disruptions such as the Strait of Hormuz.
• It also aims to help African energy and minerals exporters capitalise on elevated prices and rerouted trade flows by scaling productive capacity in strategic commodities, through pre-export finance, working capital support, and inventory financing.
• Further, it will provide short-term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted, including spillovers from weaker global travel demand and higher operating costs linked to fuel price increases.
• The programme is also designed to build the medium- to long-term resilience of economies against future shocks by accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states delayed by the conflict, while also supporting broader efforts to strengthen trade resilience and diversify supply chains.

(Sources: Reuters & Afreximbank)