The Central Bank of Eswatini (CBE) has officially signed a fixed 34-month, E2.78 billion Engineering, Procurement and Construction (EPC) contract with Ingcebo Joint Venture for the construction of its 21-storey headquarters complex in Ezulwini, a project originally priced at E2.97 billion, before a negotiated E190 million discount was secured.
This was announced by the CBE Governor, Dr. Phil Mnisi, during the contract signing ceremony held at the CBE Complex in Ezulwini on Friday.
The signing follows His Majesty King Mswati III’s commissioning of the project in May last year, a milestone that the Governor described as a testament to His Majesty’s visionary leadership in shaping Eswatini’s socio-economic transformation.
“His Majesty declared that this capital development will change the landscape of the fast-developing area of Ezulwini Valley. Indeed, this is what will be unfolding right before us in a few years,” he said.
The Ingcebo Joint Venture, made up of Stefanutti Stocks (Pty) Ltd and Stefanutti Stocks Construction Eswatini (Pty) Ltd, emerged as the successful bidder with a leading score of 94.99%, meeting the 30% local participation requirement. Both entities are registered with the Construction Industry Council, with Stefanutti Stocks Construction Eswatini (Pty) Ltd registered as a local company under the B1 and C1 categories.
The EPC model, also known as a turnkey contract, means the contractor will handle all engineering, procurement, and construction aspects of the project and deliver the completed facility ready for use. The agreement is a lump sum fixed-price contract, ensuring that costs remain within the approved budget and that there will be no extensions beyond the agreed 34-month period.
“This model was chosen to maintain cost discipline, prevent overruns, and guarantee that quality and timelines are not compromised,” Dr. Mnisi emphasized.
The new CBE Headquarters will feature 21 storeys, comprising 18 floors, a ground floor, and two service levels. Sixteen floors will be occupied by the Bank, while two floors covering 2,200 square metres will be leased to suitable tenants.
The complex will also include two auxiliary structures: a three-storey parking facility and a two-storey Museum building. Designed as a sustainable development, the new headquarters targets a 4-star Green Building Council of South Africa rating, reflecting the Bank’s commitment to environmental responsibility and energy efficiency.
The Governor underscored the institution’s commitment to transparency, noting that the Bank recently attained the CIPS Certification from the Chartered Institute of Procurement and Supply, an international recognition of procurement integrity and professionalism. “The certification is not just a certificate on the wall; it is a commitment to upholding integrity and excellence in every transaction, including the contract we are signing today,” he said.
Ingcebo Joint Venture Managing Director, Billy Howes, expressed gratitude for the opportunity and pledged to ensure meaningful local participation. “For us, this is a once-in-a-lifetime project. We look forward to employing local consultants, subcontractors, and suppliers to keep the local economy active,” he said.
The project also represents a major reallocation of national assets. The Central Bank’s former headquarters in Mbabane has been officially transferred to the Eswatini Government and is now being used by the Judiciary, including the Supreme Court. The government is purchasing the buildings and the land previously earmarked for the new headquarters site, ensuring that public resources are optimally reinvested.
Governor Mnisi highlighted that this strategic exchange ensures no asset is wasted. “Every asset is being optimized in terms of utilization and extraction. The money from this sale will contribute towards the construction of this turnkey project,” he said.