$105M SPRING Initiative Set to Boost Jobs and Economic Reforms in Somalia

GOOBJOOG NEWS | MOGADISHU: Finance Minister Bihi Iman Egeh has launched a new $105 million World Bank–funded initiative aimed at accelerating private-sector growth, strengthening financial institutions and expanding job opportunities across the country.

The Somalia Productive, Resilient, and Inclusive Growth (SPRING) project, which became effective in August, is designed to tackle structural barriers that have long constrained economic development.

The programme will help improve the business climate, expand access to finance and support wide-ranging reforms critical to rebuilding the national economy.

The Ministry of Finance will lead implementation through its Project Implementation Unit, working closely with several key institutions central to Somalia’s reform agenda. These include the Central Bank of Somalia, the Financial Reporting Center, Gargaara, the National Identification and Registration Authority (NIRA), and the Ministry of Commerce and Industry.

Reforms supported under SPRING include modernising the financial sector, strengthening anti-money laundering and counter-terrorist financing systems, improving access to credit for micro, small and medium enterprises, advancing the national digital ID programme, and streamlining business registration.

Officials say the coordinated effort is intended to create a more transparent, predictable and business-friendly environment that enables Somali entrepreneurs and investors to operate with greater confidence.

Somalia’s economic recovery, they noted, depends on building institutions that support sustainable private-sector-led growth. The SPRING project is expected to play a central role in laying the foundation for a more resilient and inclusive economy.