| Financier | Commitments |
|---|---|
| Special Financing | 55.00 |
Somalia Currency Exchange Project
Abstract*
The currency exchange is envisaged as a project with a scope that combines traditional exchange of banknotes with several legal andstructural reforms involving banking, digital financial inclusion and payment systems. Support will be provided to the FGS towardsimplementation of four components:
Componet 1 – Currency design and planning of implementation activities: The CBS will issuebanknotes with low denominations and appropriate security features... Show More
Development Objective
The Project Development Objective is to support the Federal Government of Somalia to issue new, legal, low denomination national currency notes and replace the counterfeit and old notes currently in circulation to ease everyday transactions, reduce transaction cost, and contribute to financial inclusion of the low-income groups.
Key Details
Project Details
P172057
Dropped
Neema Mwingu
Ministry of Finance
January 15, 2020
(as of board presentation)
June 15, 2021
N/A
US$ 64.00 million
Central Bank of Somalia
2021
US$ 55.00 million
N/A
Substantial
November 30, 2023
Yes
CONCEPT REVIEW
December 19, 2024
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | N/A |
| Lending Instrument | |
|---|---|
| Grant Amount | 55.00 |
| Total Project Cost** | 64.00 |
Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025
No data available.
Detailed Financial Activity as of April 30, 2025
No data available.
Results Framework
No data available.