Somalia launches $105 million SPRING project to boost economic growth and Job Creation
Somalia’s Finance Minister Bihi Iman Egeh has officially launched the SPRING project, a $105 million World Bank-funded initiative aimed at boosting economic growth and creating jobs.
Somalia’s Minister of Finance, Bihi Iman Egeh, officially launched a new development initiative today called Somalia Productive, Resilient, and Inclusive Growth (SPRING). The project, funded by the World Bank at a total cost of $105 million, aims to strengthen the national economy and create job opportunities for Somalis.
Launched on August 6, 2025, SPRING seeks to address key obstacles to economic development by focusing on promoting local business, enhancing the financial system, and improving access to funding for Somali enterprises.
The Ministry of Finance will lead the implementation of the project through the Project Implementation Unit (PIU), in collaboration with key economic reform institutions. These include the Central Bank of Somalia, which is reforming the financial system; the Financial Reporting Centre (FRC), which strengthens anti-money laundering and counter-terrorism financing measures; the Support Program for MSMEs, which enhances financing for small and medium businesses; NIRA, which is rolling out the National Digital Identity system; and the Ministry of Commerce and Industry, which is improving business registration systems.
Minister Bihi emphasized that Somalia’s economic progress depends on creating an enabling business environment, a transparent financial system, and accessible resources for entrepreneurs and innovators. He noted that SPRING directly supports these goals by providing services and reforms that build a strong, efficient, and inclusive economic future for all Somalis.
The SPRING project is expected to play a pivotal role in enhancing Somalia’s private sector, fostering job creation, and strengthening the country’s overall economic resilience.
