The US-Israeli war on Iran, which began on 28 February 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the brunt of the impact.
Given the Gulf region’s role as a major global source of oil, liquefied natural gas (LNG), and fertilizers, as well as the importance of the Strait of Hormuz, the conflict has had wide global effects, adversely affecting African and CARICOM economies.
These impacts specifically affect countries that rely heavily on imports of fuel, fertilizer, and food, as well as those dependent on Gulf shipping routes. The crisis has also disrupted investment, tourism, and remittance inflows.
The GCRP is designed to help sustain essential imports, including fuel, LNG, food, fertilizer, and pharmaceuticals, by providing short-term foreign currency and liquidity to support vulnerable member states. It also aims to help African exporters of energy and minerals benefit from higher prices and shifting trade routes by expanding production of key commodities through pre-export financing, working capital, and inventory support.
In addition, the programme will provide short-term support to African and Caribbean member states whose tourism and aviation sectors have been affected by the crisis. It also aims to strengthen resilience over the medium to long term by expanding production capacity for energy and mineral exporters, while accelerating the completion of key energy, port, and logistics infrastructure projects delayed by the conflict in these countries.
“This crisis response programme is in line with our mandate. We understand how our economies operate and the challenges associated with these temporary crises. The programme will help African countries adjust to the crisis while strengthening their resilience to future shocks through measures that support structural change. I commend the Board of Directors of Afreximbank for approving this programme.” Dr George Elombi, Afreximbank president and chairman of the Board of Directors, said about the facility launched on 31 March 2026.
The GCRP builds on a series of emergency measures introduced by Afreximbank in recent years to help economies cope with major shocks, including the 2015–2016 commodity price downturn, the COVID-19 pandemic in 2020–2021, and the Ukraine crisis in 2023–2024. For example, the bank launched a $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) to help African countries manage the economic impact of that crisis. Under this programme, the bank disbursed a total of $39 billion to help countries address liquidity shortages and maintain access to essential goods.
These historical interventions underscore Afreximbank’s ability to deploy robust and innovative risk-mitigation frameworks to help its member states navigate global volatility, with a strong track record.
Through the GCRP, Afreximbank has already begun working with banks and companies to secure fuel, other energy supplies, fertilizers, and essential food imports disrupted by the prolonged crisis.
In addition to financing, Afreximbank will lead 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 cooperation on energy security, trade resilience, and supply chain diversification.
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