Africa Business Review
Afreximbank Launches $10bn Crisis Fund to Shield Africa and Caribbean from Iran Conflict
The African Export-Import Bank (Afreximbank) has unveiled a $10 billion facility aimed at mitigating the economic fallout from the ongoing conflict involving Iran, Israel, and the United States, which has disrupted energy supplies and affected several Gulf oil-producing nations.
Announced on Tuesday, the Gulf Crisis Response Programme (GCRP) seeks to support vulnerable African and Caribbean economies by ensuring continued access to critical imports, including fuel, liquefied natural gas (LNG), food, fertilisers, and pharmaceuticals. The programme will provide short-term foreign exchange and liquidity to stabilise markets during the crisis.
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“This intervention is designed to counter the severe economic shocks triggered by the escalating Middle East conflict,” said Dr. George Elombi, President and Chairman of Afreximbank’s Board. “The GCRP aligns with our mandate of supporting member states during periods of economic disruption and building resilience for the future.”
The programme goes beyond financing, with Afreximbank coordinating a regional response alongside key institutions such as the UN Economic Commission for Africa (UNECA), African Union Commission (AUC), African Continental Free Trade Area (AfCFTA) Secretariat, and the Caribbean Community (CARICOM). The aim is to strengthen energy security, trade resilience, and supply chain diversification across the continent and the Caribbean.
The bank noted that the initiative will help countries not only navigate immediate challenges but also transform economic structures to withstand future shocks. “We understand the pressure points in our economies, and this programme is a proactive response to safeguard growth and stability,” Elombi added.
Afreximbank has a history of deploying crisis financing to support member nations. Previous interventions include the $4 billion Ukraine Crisis Adjustment Trade Financing Programme, through which the bank disbursed $39 billion to help African countries maintain access to essential goods during the 2023/24 Ukraine crisis, as well as support during the COVID-19 pandemic and the 2015/16 commodity shock.
Through the GCRP, Afreximbank has already begun engaging with financial institutions and corporates to secure fuel, energy products, fertiliser, and food items impacted by the crisis, demonstrating its commitment to proactive and coordinated economic support.
By leveraging its expertise and regional partnerships, Afreximbank aims to ensure that African and Caribbean economies remain resilient in the face of global disruptions while reinforcing pathways for long-term economic stability.
