The Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) facility to help African and Caribbean economies to counter the severe economic shocks triggered by the escalating conflict in the Middle East.
Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, announced the intervention facility on Tuesday April 7, in Cairo, Egypt.
Elombi said that the facility 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 further 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,” he said.
The programme is also designed to build the medium to long-term resilience of African and Caribbean economies against future shocks by scaling productive capacities for producers and exporters of energy, minerals while accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean.
“This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises.
“I commend the Board of Directors of Afreximbank for their proactivity and fortitude in approving this intervention programme,” said Elombi.
