The Central Bank of Eswatini (CBE) has officially awarded the tender for the construction of its new headquarters complex in Ezulwini to Ingcebo Joint Venture, following a rigorous and transparent procurement process that attracted strong interest from both local and international companies.
In a public statement issued on Thursday, the CBE Governor, Dr. Phil Mnisi, announced that Ingcebo Joint Venture emerged as the preferred bidder after achieving a combined technical and financial score of 94.99%. They secured the contract valued at E2,969,793,267.99, including VAT and the Construction Industry Council (CIC) levy. The project will be implemented as a turnkey development over 34 months.
The announcement marks a significant milestone in the Bank’s infrastructure expansion plan, following the official launch by His Majesty King Mswati III on May 10, 2024.
The Governor stated that the procurement process for the first phase of the project was both competitive and transparent, aligning with the Bank’s commitment to uphold the highest standards of governance.
The procurement process began in December 2024 with the release of an Expression of Interest (EOI) inviting qualified consortia and joint ventures to register for participation. Eight qualified submissions were received and assessed, and then five were shortlisted for the Request for Proposal (RFP) stage.
Detailed technical and financial proposals were submitted by August 2, 2025, with three of the five shortlisted joint ventures submitting bids. To ensure a fair and impartial process, the CBE Board of Directors engaged ABAKO International Partners, an independent consultancy firm headquartered in Sweden with offices in Addis Ababa, to oversee the adjudication process.
The independent consultants reviewed all submissions and presented their findings to the Bank’s Executive Committee and Board of Directors. Their recommendations were fully accepted, leading to the selection of Ingcebo Joint Venture as the winning bidder.
“The rationale for engaging independent consultants was to ensure that the adjudication process is carried out by experienced professionals fairly and transparently,” Dr. Mnisi explained.
The Bank stated that the CBE Complex Consortium and the Eswatini Consortium were the other two bidders in the final round. The CBE Complex Consortium scored 83.22% with a bid of E3,339,196,294.00, while the Eswatini Consortium scored 81.33% with a proposal valued at E3,352,431,700.00.
The Eswatini Consortium also submitted an alternative financial proposal totaling E2,473,510,275.00, but it was deemed non-responsive after evaluation by the independent adjudicators.
Dr. Mnisi mentioned that all three finalists satisfied the Bank’s minimum 30% local participation requirement for joint ventures, emphasizing CBE’s continued efforts to promote local industry involvement in major national projects.
The Central Bank appreciates the participation of all entities that expressed interest in this project,” he said. “Their submissions, although not all advanced to the final stage, played a vital role in ensuring a strong and competitive procurement process.
The construction of the new CBE headquarters is among the largest infrastructure investments currently underway in the Kingdom. In addition to functioning as a modern financial institution, the project is expected to stimulate economic activity in Ezulwini, generate jobs, and reinforce Eswatini’s position as a growing financial and administrative center.
Dr. Mnisi reaffirmed that the Bank remains dedicated to carrying out this strategic project with the highest professionalism. “This headquarters will serve as a symbol of institutional resilience and national pride,” he said. “It embodies our mission to support Eswatini’s economic growth while ensuring transparency, efficiency, and accountability in everything we do.”
The Central Bank of Eswatini is currently finalising contract negotiations with Ingcebo Joint Venture following the issuance of the Letter of Award, which came after a 10-day standstill period allowing bidders to seek clarifications or raise any objections.
The Bank previously announced that it has relocated to its new premises at Ezulwini. According to the Governor, the move of the Central Bank of Eswatini (CBE) to the Ezulwini Complex represents more than just a change of address – it reaffirms their commitment to maintaining monetary stability, promoting financial inclusion, and supporting sustainable growth for all citizens.
‘We have invested over E170 million to adapt the old buildings on the site for office use. After completing our new conference facility, we took one block of the facility and prepared open-plan office space to accommodate our staff,” he said.
The Governor also announced that they are in the final stages of moving, with the last group of staff and operations scheduled to relocate to Ezulwini this Friday, October 10, 2025. After that, only a small number of operations will remain in Mbabane, with a complete realignment expected by December 2025. This phased process ensures operational efficiency, business continuity, minimal disruption, and the preservation of essential services.