Afreximbank unveils US$10bn shock absorber amid Iran war

The African Export-Import Bank (Afreximbank) has unveiled a US$10 billion facility aimed at shielding African and Caribbean economies from the economic fallout of the escalating United States–Israel conflict with Iran.

The facility — the Gulf Crisis Response Programme (GCRP) — was approved by Afreximbank’s board of directors and launched on March 31.

The conflict escalated on February 28 when the United States and Israel launched strikes on Iran, which responded with attacks on Gulf countries and Israel.

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