BY THEMBA ZWANE
MBABANE – Minister of Finance, Neal Rijkenberg, has been praised in the Senate for facilitating a proposed E2.4 billion loan aimed at financing public housing and related infrastructure development in Eswatini.
Senator Princess Ntfomboyenkhosi made the commendation on Thursday, October 8, 2026, during the tabling of the Development Bank of Southern Africa (National Housing and Infrastructure Programme) Loan Bill, 2026, and the adoption of Portfolio Committee reports in the House of Senate.
The Bill seeks to facilitate government’s pursuit of a E2.4 billion loan from the Development Bank of Southern Africa (DBSA) to finance the National Housing and Infrastructure Programme.
Princess Ntfomboyenkhosi said the proposed borrowing had an important advantage because, in her view, it would not create a long-term financial burden for the Kingdom.
“The Bill comes with something good. What is good, the Bill will not add a debt burden to the Kingdom of Eswatini but will get a swift relief and not incur a long term financial burden to the country,” she said.
She praised Rijkenberg for taking what she described as a bold approach to borrowing for national development, particularly in addressing the country’s need for adequate housing.
“It is for the first time that I have seen such a brave honourable minister such as the Minister of Finance, Neal Rijkenberg, who is brave enough to facilitate borrowing money for purposes of national development in as far as adequate housing is concerned,” Princess Ntfomboyenkhosi said.
She contrasted Rijkenberg’s approach with that of his predecessors, whom she said had been unwilling to make similar commitments towards housing development.
“His predecessors were unwilling to make such commitments. He also assured the nation that this was a good undertaking for the country,” she said.
The proposed programme would place the Eswatini National Housing Board (ENHB) at the centre of overseeing the implementation and financial obligations associated with the project.
Princess Ntfomboyenkhosi said she was confident that the loan would be repaid within the agreed period, citing the role of the Eswatini National Housing Board in overseeing the running of the project and repayment of the loan.
“We are confident that the loan will be paid in time as the Eswatini National Housing Board will oversee the running of the project and payment of the loan,” she said.
The E2.4 billion National Housing and Infrastructure Programme is intended to support the construction and completion of housing units and related projects. The proposed financing is through the DBSA, a development finance institution that provides funding for infrastructure projects in Southern Africa.
However, while supporting the Bill, Princess Ntfomboyenkhosi cautioned government to exercise care when considering loans, particularly by ensuring that cheaper sources of financial assistance are explored before borrowing.
“I support this Bill but we must be cautious when seeking loans, ensure that there are not other entities which can provide financial assistance at lower interest rates,” she said.
Her remarks come amid broader parliamentary discussion about how the proposed E2.4 billion programme should be implemented and who should benefit from the investment.
During recent parliamentary deliberations on the Bill, legislators raised questions about the involvement of local contractors, employment opportunities for emaSwati-owned construction companies and the distribution of the programme across the country. Some legislators argued that the project should provide opportunities for local construction companies and small and medium enterprises.
The Bill was gazetted on September 29, 2026 and seeks to authorise the Minister for Finance to raise a loan of up to E2.4 billion from the DBSA for the National Housing and Infrastructure Programme.
The Senate discussions therefore placed both the potential benefits of increased public housing investment and the need for prudent borrowing and implementation under scrutiny.
For Princess Ntfomboyenkhosi, the proposed financing represents an opportunity to accelerate the provision of adequate housing while avoiding what she characterised as an unnecessarily prolonged financial burden on the country.
Her support nevertheless came with a call for government to ensure that borrowing decisions remain financially prudent by comparing the terms offered by different potential financiers and selecting funding arrangements that offer the Kingdom favourable conditions.
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