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The conflict has adversely hit Africa and the Carribean Community (CARICOM), especially nations that heavily rely on fuel, fertiliser and food imports, alongside those exposed to Gulf shipping corridors, investment flows, tourism and remittance inflows.
GCRP is designed to sustain essential imports by providing vital short-term foreign exchange and liquidity to support vulnerable member states.
It further aims at empowering 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, a release from the bank said.
Additionally, GCRP will provide short-term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis.
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 these nations delayed by the conflict.
Fibre2Fashion News Desk (DS)
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