The construction of the new Central Bank of Eswatini (CBE) headquarters in Ezulwini is expected to generate at least 800 jobs, providing a significant boost to local employment and enterprise growth.
This follows the signing of a 34-month, E2.78 billion contract between the CBE and Ingcebo Joint Venture, a partnership of Stefanutti Stocks (Pty) Ltd and Stefanutti Stocks Construction Eswatini (Pty) Ltd.
Ingcebo Joint Venture’s Billy Howes confirmed that the project, developed under a turnkey arrangement, will involve hundreds of local workers, subcontractors, and suppliers as part of the Bank’s commitment to inclusive economic development.
“We anticipate around 800 people will be directly and indirectly involved in the project, including contractors, suppliers, and consultants,” he said.
Howes highlighted that the company will prioritize local participation at every stage.
“As much as we can do locally, we will do,” he stated. “We will send inquiries to local suppliers first, and we are dedicated to working closely with Eswatini-based subcontractors and consultants.”
The project’s scale is expected to impact multiple sectors, such as construction materials, logistics, and professional services, boosting demand for local goods and services.
Additionally, CBE Chief Operating Officer Mfanfikile Dlamini explained the framework for engaging local suppliers. He stated that part of the requirements involves allocating a portion of procurement to local suppliers.
“The agreement we signed is a fixed contract, but we want to encourage local suppliers to negotiate fairly. Prices should be based on sound judgment and reasonable estimates. Contractors are not required to purchase from local suppliers at inflated costs, so ensuring fair and reasonable negotiations is crucial,” he said.
The Central Bank has already engaged several local Micro and Small Enterprises (MSMEs) during its relocation, employing over 600 people to renovate and prepare its temporary offices.
When presenting the CBE’s 2024/25 Annual Integrated Report on Friday, 22 August 2025, the CBE Governor, Dr. Phil Mnisi, revealed that the CBE has invested E160 million in the local economy through the involvement of over 30 Swazi firms in the Ezulwini Complex.
“By mid-2025, we had already engaged over 30 local firms in the Ezulwini Project, committing E160 million to the domestic economy,” the Governor reported. “This reflects our commitment to inclusive development and stakeholder value creation.”