Africa-Press – Eswatini. The Central Bank of Eswatini (CBE) has officially signed a E2.78 billion Engineering, Procurement, and Construction (EPC) turnkey contract with Ingcebo Joint Venture for the construction of its 21-storey headquarters complex — a transformative project set to redefine Eswatini’s financial and architectural landscape.
The monumental agreement marks a new chapter for the Kingdom’s economy and financial infrastructure, promising to stimulate growth in both the construction and finance sectors. Construction is expected to commence within the coming weeks, with completion targeted for 34 months. The project is also anticipated to generate around 800 jobs, providing a much-needed boost to local employment.
The Ingcebo Joint Venture, a collaboration between Stefanutti Stocks (Pty) Ltd and Stefanutti Stocks Construction Eswatini (Pty) Ltd, secured the project after achieving a score of 94.99% in the competitive procurement process. The joint venture successfully met the 30% local participation requirement, ensuring that Eswatini businesses directly benefit from the development.
Following negotiations, the initial contract value was reduced from E2.97 billion to E2.78 billion, demonstrating the Bank’s commitment to financial prudence and operational efficiency.
A Modern, Sustainable Landmark
The ambitious design features 21 floors, including 16 office levels dedicated to the Central Bank and two commercial floors totalling 2,200 square metres available for lease to suitable tenants. Complementing the main tower will be two auxiliary buildings — a triple-storey parking facility and a double-storey museum.
The complex aims to achieve a 4-star rating from the Green Building Council of South Africa, underlining the Bank’s commitment to sustainability, energy efficiency, and environmental responsibility.
A Vision for Transformation
Speaking during the signing ceremony, Dr Phil Mnisi, Governor of the Central Bank of Eswatini, described the event as “a transformative milestone” for the institution and the nation’s economy.
He expressed heartfelt gratitude to His Majesty King Mswati III for his visionary leadership, recalling the King’s remarks during the Bank’s 50th Anniversary, where His Majesty said the new headquarters “will change the landscape of the fast-developing Ezulwini Valley.”
“This project represents more than a building; it is a symbol of excellence, integrity, and forward-looking leadership in Eswatini’s financial sector,” Dr Mnisi said.
He reaffirmed the Bank’s unwavering dedication to integrity, professionalism, and transparency, noting that its CIPS Certification from the Chartered Institute of Procurement and Supply ensures that procurement practices meet global standards.
Collaborative Effort
Dr Mnisi extended appreciation to the Government of Eswatini, the Bank’s Board, management and staff, media partners, CECI, adjudication experts (ABAKO International Partners), and other key stakeholders who contributed to achieving this milestone.
Once complete, the new CBE Headquarters will serve as a beacon of progress in Ezulwini Valley — blending innovation, sustainability, and economic empowerment. As cranes rise and foundations are laid, the 21-storey structure stands poised to reshape the skyline and reaffirm Eswatini’s commitment to modernisation and financial excellence.
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