Boosting economic growth, Somalia’s Finance Minister, Bihi Iman Igeh, officially launched a new $105 million project on Monday aimed at strengthening the country’s economy, promoting private sector growth, and creating jobs.
BOOSTING ECONOMIC GROWTH: THE “SPRING” PROJECT
Boosting economic growth, the project, named Somalia Productive, Resilient, and Inclusive Growth (SPRING), was initiated on August 6, 2025, and seeks to tackle persistent economic challenges by improving local businesses, enhancing the financial system, and increasing access to finance for enterprises across the country.
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SPRING is led by the Ministry of Finance through its Project Implementation Unit (PIU) and involves collaboration with key national institutions, including the Central Bank of Somalia, which is overseeing financial sector reforms; the Financial Reporting Center (FRC), which strengthens anti-money laundering and counter-terrorism financing measures; the Gargaara Program, which supports financing for micro, small, and medium enterprises (MSMEs); the National Identification Registration Agency (NIRA), which implements the digital national ID system; and the Ministry of Commerce and Industry, which is improving business registration processes.
MINISTER IGEH’S REMARKS
Boosting economic growth, Minister Igeh highlighted that Somalia’s economic progress depends on creating a conducive environment for business growth, effective financial institutions, and access to resources for entrepreneurs and innovators.
The SPRING project aims to support these goals through reforms and services designed to build a strong, transparent, and inclusive economic future for all Somalis.
