PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

602159

Primary Business Area

Financial Institutions Group

Disclosure Date

Jan 23, 2020

Country

Federal Republic of Somalia

Region

Africa

IFC Approval Date

Aug 14, 2019

Status

Completed

Estimated Total Budget

$986,410.00
(Project budget includes all project-funded activities)

Last Updated Date

May 4, 2024

Project Estimated Start Date

Sep 1, 2019

Project Estimated End Date

May 1, 2023

Project Description

The Financial Institutions Development Program (FIDEP) Somalia aims to work with financial institutions to diagnose gaps in financial and prudential reporting; address governance and compliance constraints; provide technical skills and know-how to expand their product portfolios. By program end, it is expected to have helped: financial institutions improve their financial and performance reporting, adopt global standards and enhance risk management in at least two financial institutions by December 2021; provide training at sector level to raise awareness and build skills in critical areas by December 2022; document market insights and opportunities in serving MSMEs, agribusinesses and women working in productive sectors by December 2019, diagnose needs and opportunities for providing market infrastructure solutions for collateral registry and credit referencing by December 2020.

Development Results