Mbabane – Eswatini Water and Agricultural Development Enterprise (EWADE) plans to develop an Eco-City, a unique, eco-friendly urban center that will provide housing, educational facilities, and commercial spaces.
In an interview with Forbes Africa, EWADE Chief Executive Officer Dr Samson Sithole said that “the eco-city will be a new kind of development in Eswatini, addressing the need for modern infrastructure in a sustainable way. It’s an exciting move beyond agriculture to support community welfare and growth.”
The private sector has noticed EWADE’s innovative approach and extended it’s will to collaborate with the Category A parastatal. The innovative approach has also seen a spur in significant international investment.
Dr Sithole said Companies are eager to fund areas traditionally covered by government such as water infrastructure. This heightened engagement reflects both the attractive investment climate in Eswatini and the promising returns of EWADE’s project, which aim to involve farmers at multiple stages of the production process to maximize their benefits.
In its bid to make small scale farmers go commercial EWADE has immensely invested into experimenting with new agricultural models. One such project that stands out is the one in Ndzevane, where EWADE is helping farmers grow high- demand crops such as bananas, which have become popular export to South Africa. EWADE has also piloted new funding models where smallholder farmers co-own shares in production facilities, thereby securing a stake in all phases of production, from cultivation to export.
Forbes Africa has had a sit down with Eswatini Development Finance Corporation (FINCORP) managing director Dumsani Msibi who highlighted that for almost three decades now the corporation has played a critical role in advancing economic development in Eswatini.
Over the past three decades FINCORP has distributed over 10 billion to local entrepreneurs, which has contributed to the creation of 15 000 jobs.
Reflecting of FINCORP’s progress, Msibi underscores the organization’s dedication to access to finance, job creation, and poverty alleviation as its guiding pillars.
According to Msibi “one of FINCORPS’s pillars have been agriculture, specifically through support for sugarcane farming. This investment has helped transform entire communities, providing essential infrastructure and new economic opportunities.”
FINCORP’s role extends beyond agriculture into Eswatini’s budding energy sector. Recognizing the country’s heavy reliance on imported electricity from South Africa. The corporation has encouraged local farmers to shift towards solar power, which is a step that will not only boost sustainability but address Eswatini’s energy needs.
FINCORP has further broadened its reach by establishing subsidiary companies that address specific community needs. First Finance, launched in 2010, provides salary-based lending focused on education, housing, and the acquisition of motor vehicles.
By offering funding options for educational expenses and rural housing, First Finance has helped thousands of families achieve long-term stability. Msibi says, “Through First Finance, we’ve addressed personal and educational needs, providing roofs over people’s heads and ensuring their children can attend school.”
Another strategic addition, Finsure Assurance Limited, emerged in 2015 to provide insurance services, growing its balance sheet significantly from four million SZL to E49 million in retained premiums.
This diversification has strengthened FINCORP’s financial sustainability, enabling the institution to manage the inherent challenges in development finance.
Looking toward the future, Msibi envisions FINCORP’s active role in promoting industrialization, particularly in manufacturing and value addition.
“We have not yet fully tapped into manufacturing,” Msibi says, “but we see this as a chance for our beneficiaries to embrace industrialization and contribute to Eswatini’s economic growth.” Msibi emphasizes the role of SMEs as the backbone of Eswatini’s economy, noting that their success is crucial for national growth. “For any economy to be strong, the SMEs must be strong,” he says. To support this vision, FINCORP launched a business development support unit with assistance from the African Development Bank. This unit offers guidance in operations management, financial management, and strategic planning to help SMEs succeed long term. “It’s one thing to provide funding, but to sustain it, we need to offer additional support,” Msibi says.
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