To mitigate the economic shocks triggered by the escalating conflict in the Middle East, the Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis.
The conflict, which escalated on 28 February 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the brunt of the impact.
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, adversely affecting African and CARICOM economies.
These impacts specifically affect nations that heavily rely on fuel, fertiliser, and food imports, alongside those exposed to Gulf shipping corridors. Additionally, it has disrupted investment, tourism and remittance inflows.
