By 
By Delisa Magagula
The Central Bank of Eswatini (CBE) has injected over E160 million into the local economy through its landmark headquarters development in Ezulwini, involving at least 35 local companies since the beginning of 2024.
CBE Chief Operations Officer Mfanufikile Dlamini confirmed during a media briefing at the new complex site that the bank had acquired the 21-hectare site, formerly Ezulwini Sun, in late 2023.
The project forms part of a strategic move to consolidate CBE’s property portfolio and develop a modern, climate-resilient headquarters.
“The companies we’ve worked with are not just suppliers; they are strategic partners in building a new home for the kingdom’s financial system,” Dlamini stated.
He detailed that nearly E95 million of the total spend has supported ongoing works, including infrastructure upgrades, renovations, internal roads, and bulk services for water and sewer systems.
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The 18-floor tower, supported by three additional floors housing a data centre, innovation hub, museum, staff wellness centre, and recreational facilities, is expected to be fully operational by the end of 2025.
Governor Dr Phil Mnisi explained that the bank’s relocation from Mbabane to Ezulwini is deliberate, aimed at stimulating economic growth and creating job opportunities for Emaswati.
“We are not apologetic about deliberately empowering Emaswati. We are confident that these investments will boost the local economy and build skills capacity.” Mnisi said.
Among the 35 engaged companies are Eswatini Consulting Engineers, Expressions Architects, Simizu Construction, and ITML/Koleko Joint Venture.
Their work has ranged from structural engineering to installing fibre networks, solar lighting, HVAC systems, traffic impact assessments, and fire detection systems.
Other contractors have handled backyard ablution block construction, gym installations, partitioning, and decommissioning of diesel tanks.
The selection of contractors and service providers followed a competitive bidding process under CBE procurement regulations.
Mnisi added that the complex would also host a state-of-the-art museum, fintech innovation hub, staff wellness facilities, and a sporting and recreational centre for inter-central bank events.
Phase I of the project is underway, with completion targeted within 36 months. According to CBE, the complex will enhance the bank’s capacity to deliver its core mandate while serving as an economic stimulant for Eswatini.
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Meanwhile, Dlamini reiterated that the current spending levels represent the largest single construction investment in the history of the Central Bank of Eswatini.
“Of the E160 million already spent, we are proud that a significant portion is empowering local talent and businesses,” Dlamini said.
The complex has been commissioned by His Majesty King Mswati III and is regarded as a cornerstone project for the country’s future financial and infrastructural resilience.
The CBE’s relocation marks the beginning of a 30- to 50-year strategic development plan, consolidating the bank’s operations into a centralised location to improve efficiency and reduce costs over time.
