Afreximbank Launches $10 Billion Gulf Crisis Program

The African Export-Import Bank (Afreximbank) has launched a $10 billion Gulf Crisis Response Programme to aid African and Caribbean nations grappling with supply disruptions from the escalating Middle East conflict. Approved by the bank's board of directors and announced on March 31, 2026, the initiative targets economies strained by the crisis that intensified on February 28, 2026, when U.S. and Israeli airstrikes on Iran led to the partial blockage of the Strait of Hormuz, a vital shipping route for oil, liquefied natural gas, fertilizers, and food.

The program provides short-term foreign exchange liquidity to vulnerable member states, enabling the purchase of essential imports including fuel, liquefied natural gas, food, fertilizers, and pharmaceuticals. It also supports African energy and mineral exporters by offering pre-export finance, working capital, and inventory financing to expand production amid elevated commodity prices and rerouted trade flows. Additional relief extends to tourism and aviation sectors hit by reduced travel and investment, while medium- to long-term efforts focus on completing delayed infrastructure projects in energy, ports, and logistics to...