The African Export-Import Bank (Afreximbank) will avail US$10 billion under its Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis.
- •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 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.
"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," Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank said.
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.
The GCRP builds on emergency interventions introduced by Afreximbank in recent years, which have helped to 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.
For instance, the Bank launched a US$4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) to help African countries confront the trade and economic impact of the Ukraine crisis. Under this programme, the Bank disbursed a total of US$39 billion which helped most countries in Africa to bridge gaps associated with liquidity or access to essential goods.
