The African Export-Import Bank has approved a $10 billion Gulf Crisis Response Programme to help African and Caribbean economies as well as their banks and companies counter the severe economic shocks triggered by the conflict in the Middle East, it said on Tuesday.
The support programme is designed to, among other aims, sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing short-term foreign exchange (FX) and liquidity to support vulnerable member states.
It also aims to help African energy and minerals exporters capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities.
It will provide short-term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted.
The programme is also designed to build the medium- to long-term resilience of economies against future shocks by accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states delayed by the conflict