By Mbongeni Ndlela
EZULWINI – The Central Bank of Eswatini (CBE) has already invested E160 million into the development of its new Ezulwini Complex, an initiative that is not only transforming a piece of land but also empowering dozens of local companies and professionals in the process.
This was revealed by Governor Dr. Phil Mnisi during a special media briefing on June 23, 2025, where he outlined that the Bank’s flagship infrastructure project is about more than modern buildings, it’s about inclusive economic development.
“This is not just about building offices. It’s about building momentum,” said Dr. Mnisi. “Our investment in Ezulwini is an investment in the Eswatini economy and we are doing it with emaSwati at the centre of delivery.”
E160 Million: Driving Local Participation and Confidence
Since acquiring the 21-hectare Ezulwini site, formerly Ezulwini Sun, the Central Bank has engaged over 30 local companies across engineering, architecture, construction, and environmental consulting services. These firms are actively working on everything from road upgrades and building renovations to solar lighting and fibre connectivity.
The E160 million investment includes both completed and ongoing projects, with nearly E95 million still in progress. This localized investment approach reflects the Bank’s intention to lead economic transformation by example, ensuring that national projects translate into local opportunities.
Some of the local partners include Simizu Construction, Expressions Architects, Mast Consulting Engineers, ITML/Koleko JV, and Seno Construction, among many others.
Ezulwini Complex: Building a Smart Financial Hub
The Ezulwini Complex is being developed in four strategic phases. Phase 1, which begins in September 2025, includes:
- An 18-floor green-rated high-rise building
- A museum and innovation hub
- A data centre
- Extensive parking infrastructure
By the time the project is completed in June 2028, the Bank will have also constructed staff housing, sports and wellness facilities, a cash centre, and conference venues, positioning the Complex as a state-of-the-art financial and innovation hub for Eswatini.
Connecting Policy to the Real Economy
Complementing the infrastructure investment, the Governor also shared insights from the Bank’s recent nationwide tour of 10 high-impact development projects. The visits were aimed at aligning CBE policies with the practical needs of businesses and communities on the ground.
Key projects visited included:
- Ubombo Sugar’s 40MW biopower plant, feeding clean energy into the national grid
- LUSIP II, which has opened thousands of hectares for irrigated farming
- Lavumisa Solar Plant, Eswatini’s first major solar PV facility
- Gamula Factory, set to create 1 000 jobs in the Shiselweni Region
- Magomba and Maloma coal mines, offering employment and supporting local vendors
“Our work must stay connected to the real economy, to the people and businesses creating value on the ground,” said Dr. Mnisi. “These visits help us listen, learn, and shape policies that truly support growth.”
A New Era of Transparency and Leadership
In his opening remarks, CBE Communications Head Mandla Luphondvo emphasized the importance of proactive engagement with the public.
“This is not a formality, it is a structured platform where we lead our narrative and build public trust,” Luphondvo stated. “We prefer to inform the media before the headlines, not after them.”
By championing transparency and accountability, the Central Bank is setting a strong example of how institutions can support both macroeconomic stability and grassroots development.
Conclusion: Investing in a Shared Future
The Central Bank of Eswatini’s E160 million investment is more than a construction story, it is a case study in economic leadership. It proves that a national institution can uphold its core financial mandate while simultaneously empowering local industries, creating jobs, and building long-term economic confidence.
As Governor Mnisi affirmed:
“We want a financial system that doesn’t just serve the economy, it uplifts it.”
With policies grounded in action and a vision anchored in national inclusion, the CBE is building far more than offices, it is helping build Eswatini’s future.
(Courtesy Pics)
