By Hanad Abdi - Reporter
MOGADISHU, 7 October 2026 The World bank-funded SCALED-UP Project officially closed in Mogadishu on Wednesday after nearly seven years of implementation in Somalia.
Launched in 2019, the project focused on developing financial and digital services, supporting small and medium-sized enterprises, and promoting innovation and entrepreneurship.
Hideki Matsunaga, the World Bank Country Manager for Somalia, said one of the project's main objectives was to create economic and employment opportunities for young Somalis.
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“The purpose of this project is to create opportunities for young people by creating jobs,” Matsunaga said.
He also said that more than 8,000 businesses had been registered under the project, as part of efforts to expand business opportunities and access to financial services in Somalia.
The closure marks the end of the SCALED-UP Project's implementation in Somalia, with the project contributing to the expansion of financial and digital services, the growth of businesses and the creation of additional economic opportunities, particularly for young Somalis.