A screengrab of Afreximbank President and Chairman of the Board of Directors Dr George Elombi and Mr Hassan Abdalla, Governor of the Central Bank of Egypt during the press briefing in Cairo. [Courtesy]
The African Export-Import Bank (Afreximbank) and Egypt unveiled on Wednesday a $10 billion crisis response programme and plans for a pan-African Gold Bank, as the continent seeks to shield all countries, including Kenya, from global supply chain shocks and build greater economic self-reliance.
Speaking at a joint media briefing at the Central Bank of Egypt (CBE) headquarters, officials said the initiatives mark a strategic push to deepen intra-African trade and reduce dependence on external financial systems, ahead of the bank’s annual meetings in June.
“Africa’s next phase of growth must be driven by intra-African trade, industrialisation and greater economic sovereignty,” Afreximbank President George Elombi told reporters at the virtual press conference, adding, “Recent shocks have shown that Africa must build stronger regional supply chains and reduce excessive reliance on external systems for essential goods, payments and logistics.”
The lender launched the $10 billion Gulf Crisis Response Programme in the first quarter of 2026 to support member countries facing liquidity, supply-chain and payment pressures stemming from global geopolitical tensions. The facility comes on top of a $2 billion equivalent dual-tranche syndicated facility completed in Q1, which attracted 31 lenders from Europe, the Middle East, Asia and Africa.
