By George Ozalla
The African Export-Import Bank has approved a 10 billion US dollars Gulf Crisis Response Programme to help African and Caribbean economies absorb the shock of the escalating conflict in the Middle East.
The approval was taken by the bank’s Board of Directors following concerns that the crisis could further strain trade routes, energy supply chains, and financial transactions that link several African and Caribbean states to global markets.
The programme is designed to provide immediate financial backing to governments, banks, and companies affected by tightening liquidity and rising trade costs linked to the disruption in the Gulf region. It will also support import-dependent economies struggling with price pressures and unstable foreign exchange conditions.
Afreximbank said the intervention will focus on keeping trade flows active and ensuring that payment systems and trade finance arrangements are not disrupted at a time of uncertainty in global markets.
The facility will be implemented through the bank’s existing trade finance structures, with emphasis on quick deployment and support targeted at sectors most exposed to external shocks.
The bank said the move is part of its response to global developments that continue to affect African and Caribbean economies, particularly those with strong trade and financial exposure to the Gulf region.
