Mogadishu, Somalia – The Minister of Finance for the Federal Government of Somalia, Bihi Iman Egeh, officially launched the Somalia Productive, Resilient, and Inclusive Growth (SPRING) project on Monday. This World Bank-funded initiative, valued at $105 million, focuses on advancing the nation’s economic development via private-sector-led expansion and more job opportunities.
Effective from 6 August 2025, the SPRING project targets persistent structural obstacles hindering Somalia’s economic advancement. It works to enhance the business climate, bolster the financial sector, and broaden finance access for businesses nationwide.
Coordinated by the Ministry of Finance’s Project Implementation Unit (PIU), this multi-agency program unites essential national bodies key to Somalia’s economic reforms. They include:
Central Bank of Somalia, pushing vital financial-sector changes;
Financial Reporting Center (FRC), fortifying the AML/CFT system;
Gargaara, aiding finance access for MSMEs;
NIRA, rolling out the national digital ID system;
Ministry of Commerce and Industry, refining business registration and regulations.
This unified approach seeks to establish a more robust, transparent, and entrepreneur-friendly economic base that simplifies operations for Somali business owners and investors.
Somalia’s economic path depends on fostering conditions for business expansion, effective financial institutions, and resource access for innovators. The SPRING project advances these goals through reforms and services that underpin a durable, inclusive, and sustainable economy.
