The Central Bank of Somaliland hosted a significant meeting today to evaluate the progress of the Somaliland Productive, Resilient, and Inclusive Growth (SPRING) project, a World Bank-funded initiative aimed at bolstering the nation’s financial system. The meeting was officially opened by the Governor of the Central Bank, Mr. Abdinasir Ahmed Hirsi, who underscored the project’s critical role in advancing the bank’s institutional capacity and strengthening Somaliland’s financial framework.
The SPRING project, supported by the World Bank’s International Development Association (IDA), is designed to modernize Somaliland’s financial systems, promote transparency, and enhance economic growth. According to the Central Bank, this initiative is a cornerstone of efforts to establish a robust, transparent financial system that supports sustainable development and economic resilience in Somaliland.
Governor Hirsi highlighted the importance of the project, stating, “The SPRING project is pivotal for transforming our financial institutions and fostering a stable economic environment that benefits all Somalilanders.” The meeting brought together key stakeholders to assess the project’s impact and discuss strategies for further enhancing the bank’s operational efficiency.
The SPRING project aligns with Somaliland’s broader vision of economic modernization and is part of ongoing efforts to integrate advanced financial systems that support private sector growth and job creation. The Central Bank reiterated its commitment to leveraging such initiatives to drive inclusive economic progress across the country.