BY SIFISO NHLABATSI
MBABANE – The Central Bank of Eswatini (CBE) spent more than E117 million on infrastructure upgrades and redevelopment works as it relocated its operations from Mbabane to the Ezulwini Complex.
This is according to the Bank’s 2025/2026 Annual Integrated Report.
The expenditure formed part of a major infrastructure investment aimed at strengthening the Bank’s operational capacity and providing facilities that can support its evolving mandate.
The CBE said the relocation followed extensive upgrades and redevelopment works at the Ezulwini site, with the investment covering a range of facilities and infrastructure necessary to accommodate the Bank’s operations.
Key developments included the construction and rehabilitation of operational facilities, conference and data centre infrastructure, access roads, parking areas, staff amenities and utility services.
According to the report, the improvements have significantly enhanced the Bank’s operational efficiency and institutional capacity, while also preparing it for its long-term responsibilities in maintaining monetary and financial stability.
The relocation is taking place alongside the development of an even larger Central Bank headquarters complex on a 21-hectare site in Ezulwini, acquired by the Bank in November 2023.
The new headquarters project is valued at E2.8 billion and is expected to transform the Bank’s physical presence while providing a modern and secure working environment.
Phase One of the project includes a 19-storey headquarters tower, parkade, podium, museum, innovation hub and library.
The project is being developed with a target of achieving a 4-Star Green Building Council of South Africa rating, reflecting an emphasis on sustainability and modern construction standards.
During the 2025/2026 financial year, the Bank reported that it completed the procurement process and appointed Ingcebo Joint Venture as the Engineering, Procurement and Construction (EPC) contractor for the E2.8 billion development.
Construction is scheduled for completion in September 2028.
The CBE said the headquarters development was not simply a construction project, but a strategic investment intended to strengthen the institution’s capacity and improve its operational efficiency.
The Bank said the new facility would provide a modern workplace designed to promote employee wellbeing, collaboration and productivity, while ensuring that the institution remains prepared to meet its future operational requirements.
The CBE said the development was promoting local empowerment through the participation of local contractors, consultants and workers.
It also stated that the project was being used to leverage its assets to promote socio-economic development, support job creation and foster local empowerment.
The Bank described the broader Ezulwini development as a strategic infrastructure investment that would support institutional growth, operational efficiency and national socio-economic development.
Upon completion, the new headquarters is expected to serve as a long-term home for the country’s central banking operations and a visible symbol of the institution’s stability and future ambitions.
The CBE said the development also reflected its confidence in its future role in promoting monetary and financial stability.
Meanwhile, the Bank’s annual report shows that its infrastructure investments came against a backdrop of improved economic performance.
Eswatini’s real Gross Domestic Product (GDP) growth was estimated at 5.6 per cent in 2025, up from 3.0 per cent in 2024. The growth was largely driven by the tertiary sector, including wholesale and retail trade, financial services, and information and communication technology.
The economy is projected to grow by 5.2 per cent in 2026, supported by an anticipated recovery in agriculture, mining and manufacturing, as well as continued infrastructure development.
The CBE said the country’s banking sector also remained safe and sound during the year under review, with strong capital adequacy, liquidity buffers and continued balance sheet growth.
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(Courtesy Pic)
